AARP The Magazine regularly reports on great places to live on a modest income. Some of the other criteria they use are access to nature and recreation, relative ease of getting around,
Do You Know The Number 1 Financial Benefit Of Homeownership?
Dated: January 13 2022
Views: 85
When we were young, our parents and grandparents taught us that owning a home is a wonderful financial move. I heard once, "a mortgage is like a forced savings plan” and I never forgot that.
When you make a mortgage payment, some of that money accumulates as equity in your home! On the other hand, when you pay rent, that money is lost forever. So, what exactly is equity?
Equity is the amount of money you can sell your home for minus what you still owe on the mortgage. Every month you make a mortgage payment, and every month a portion of what you pay reduces the amount you owe. That reduction of your mortgage every month along with the home value increase of your home increases your equity.
For most families, their home is their largest financial asset. This increase in equity drives the net worth, or family wealth, of the homeowner. Renters are not earning that benefit. Instead, they’re building the net worth of their landlord.
Home prices have exploded during the pandemic!! That means most sellers are sitting on a gold mine of equity now! In the long run, our family elders will be proven correct: owning a home is an awesome financial move.
Think you may want to sell your home to take advantage of the equity you now have? Contact us today!
Sheila Newton
Servicing The Upstate (Anderson, Greenville, Oconee, and Pickens Counties) since 1989 ~ I was raised in the Upstate of SC and after my husband’s 4-year tour with the United States Marine Corps, we ....
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