Owning property can potentially build wealth, but it is not a guarantee.
When you own property, you have the potential to build wealth through the appreciation of the property’s value over time. As the property’s value increases, you could potentially sell it for more than you originally paid for it and realize a profit.
In addition, owning property can provide a source of rental income if you decide to rent out the property. This can generate ongoing cash flow that can help build wealth over time.
However, owning property also comes with expenses such as property taxes, maintenance costs, and mortgage payments (if applicable). These expenses can eat into any potential profits and make it more difficult to build wealth.
Furthermore, the real estate market can be unpredictable, and property values can fluctuate significantly. In some cases, property values may even decline, resulting in a loss rather than a gain.
So while owning property can potentially build wealth, it is not a guaranteed path to wealth-building and requires careful consideration and planning.