Want to create wealth through homeownership? BUILD EQUITY.
Home equity is the percentage of your home’s value that you own, and it’s key to building wealth through homeownership. Let’s take a closer look at how to build home equity without blowing your budget — and how to access it when you need it.
How Much Equity Do You Have?
Equity is easy to calculate when you first buy a home because it’s basically your down payment. For example, if you put $11,250 down on a $225,000 home, your down payment is 5% and so is your equity.
How to Build Your Equity
Here are five ways your home can create wealth for you. Some require time, money — or both.
- Let your home appreciate
Building equity through appreciation can take little time or a…