The “Realest” Estate: Home and Home Improvements

Homeownership is one of the primary financial goals for many, and for good reason; it serves countless functions beyond providing a roof over your head. Personal real estate is usually the most tangible asset that anyone invests in, while also offering significant tax advantages. But make sure you think carefully about where and how you buy; the physical location and layout of your home plays into many other practical and lifestyle choices you’ll be making in the years to come. Add-on units for rental income or for family can add tremendous financial and social value, as can sharing opportunities such as family compounds or cohousing. You could build or buy a “tiny house” or a lovely refurbished Airstream travel trailer and use it for similar purposes. If you have sufficient capital, and ideally some construction skills, investment real estate can be a profitable venture. Evaluate your location and your borrowing terms very carefully.