Contrary to popular belief, there are pros to renting vs. homeownership. Proponents of renting value the flexibility and the fixed-cost model it affords. Surprise repairs won’t derail your savings and renting serves as a great transition between home buys.
Buyers not yet qualified for financing due to a lack of savings, existing debt, or poor credit find it a necessary solution. And while renting may prove the best option sometimes, it does not provide the opportunity for generating wealth like homeownership does. So if you aren’t convinced it’s time to make a plan to exit your rental, here are 5 things to consider.
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Simply put, equity is what your home would sell for today (fair market value) minus what you owe on the home (loan balance). In real estate, these three things play a significant impact on the equity you get when it’s time to sell.
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MoreOwning real estate should be a journey of building & preserving wealth through the equity in your home or other properties. Our resources are designed to give current and would-be homeowners tips & trick to maintain, improve & shop for their greatest asset. Your search for value in real estate stops here. Archives
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