The House versus Home Conversation

House vs Home PPT image (00000002)One of our favorite discussions to have with new clients is what we call “House versus Home”.

It goes like this: When you hear the word ‘home’, what words comes to mind?”

Clients typically pause for a minute before beginning to list things like ‘family’, ‘neighbors’, ‘holidays’, ‘freedom’, ‘security’, etc. They begin to realize that the word ‘home’ tends to represent the emotional aspects of owning real estate. Put another way, they are the experiences you will have in a house.

Next we ask, “When you hear the word ‘house’, what words come to mind?”

Words like ‘appreciation’, ‘mortgage’, ‘leverage’, and ‘tax benefits’ begin to describe the logical aspect of owning a house as a physical shelter.

Part of our unique lending process is helping clients learn that your residence is more than just a place to call home. A home provides a place to raise a family, enjoy hobbies, socialize, sleep, relax, and more. Your sense of home comes from the experience you have living in your house, not necessarily from the house itself.

A house is the physical shelter made of concrete, wood, shingle, windows, and doors. Many of us equate the personal experience of ‘home’ with the physical ‘house’. The ability to separate the house (the physical asset) from the home (the personal experiences) makes it possible for our clients to begin viewing their house as a tool for developing and managing wealth.

Homeowners and new home buyers who can learn to separate in their minds the home (emotional) from the house (logical) are the ones we are able to help the most as we help them integrate their real estate into their overall short and long-term financial goals. With this new understanding, we can work together to show them how to better build wealth and financial safety moving forward!

About Trevor Hammond

Trevor Hammond, NMLS# 74846 Division Vice President, Neo Home Loans 📞 (503) 680-5360 📧 Trevor.Hammond@neohomeloans.com 📍 4380 S Macadam Ave, #150, Portland, OR 97239 🌐 www.trevorhammond.com Connect with me on LinkedIn: www.linkedin.com/in/trevorhammond
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