Savingâ€™s Still Best Option: Corcoran Real Estate Pro
â€œReal estate is the stepping stone to many avenues in life in terms of business, and to not own real estate is detrimental. Owning allows money to grow so you can be an octopus and put your hands on
many other things.â€?
Owning a home is one of the most important single investments that a person can make in their lifetime. So, says real estate professional, Vie Wilson of the Corcoran Group, who also stresses the need for people to save their income through the years. Her firm has now established a major presence and offices in Harlem where the real estate boom continues.
"Home ownership is not only for the wealthy. Itâ€™s important that most people become educated on how to acquire or invest in real property", Wilson says. Real estate acts as a building block and provides a multitude of options, including potential tax benefits, in addition to the sense of pride that comes with home ownership.
Buying something as small as a studio can be the first step. It can generate enough money, when sold at the right time, to finance a house. â€œReal estate is the stepping stone to many avenues in life in terms of business, and to not own real estate is detrimental,â€? Wilson explains. â€œOwning allows money to grow so you can be an octopus and put your hands on
many other things.â€?
While it is important to shed more light on real estate possibilities in Harlem, who do these opportunities really cater to? Corcoranâ€™s Wilson describes gentrification as having both negative and positive sides. Some benefits of gentrification: Abandoned buildings suddenly increase housing stock; jobs for retailers as well as people who live in these neighborhoods
are created; and, amenities and services for consumers become readily available. The downside is that prices increase, putting pressure on people on low income. Working with developers, her firm has managed to â€œbuild affordable housing so that thereâ€™s a certain percentage of the development that goes to people in the neighborhood and that block off certain parameters in terms of what the income should be without exceeding a certain amount of money,â€? Wilson says.
Wilson stresses the importance of saving money for a down payment on a home, as well as opening a retirement fund such as an IRAâ€”Individual Retirement Account. â€œIf you donâ€™t have anything to show for it, then it doesnâ€™t matter that youâ€™ve worked the 20 years! It is really important to save, to automatically have a certain amount of money deducted from you paycheck weekly, bi-weekly, monthly, to an account. You donâ€™t see it, you donâ€™t miss it, you donâ€™t know it. And if you do that consistently for 10 years, youâ€™d be surprised. Youâ€™d have enough money to put down on a down payment for a
Wilsonâ€™s own real estate path started 18 years ago when she began working at Corcoran. She now serves as Vice President in the Harlem office and sees her role as an educator who provides others with the knowledge they need to make informed decisions about the intricate factors that go into financing a home. According to Wilson, this current market boom has reached its seven year mark; of course, itâ€™s difficult to predict how long it will last. Nonetheless, Wilson assures that Harlem remains less costly than anywhere in the city.
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