If you’ve purchased a Beacon Hill condo within the last few years, you’ve likely noticed an increase in your home equity in your Beacon Hill condo. Though some homeowners prefer to use their equity as pure profit when selling their homes, there are many other uses for home equity, including these 5 popular options.
Alternatively referred to as remodeling or makeovers, Beacon Hill condo renovations can transform one room from looking old and boring to a more modern feel. Renovate the kitchen and bathroom so it pays dividends in resale and equity.
Blending two or more debts into one manageable lump sum makes payments easier for owners and saves money on interest. Equity consolidation from condos, lofts, and penthouses is lower than third-party debt consolidation or credit card consolidation programs. In return, credit scores are likely to increase because one bill is less expensive than two.
3. Unexpected Events
Fires, water damage, and vandalism can destroy a property and result in high repair costs. For homeowners who are short on finances, using equity to pay for damages is a welcome bonus. Equity can be used to pay for emergencies such as home repairs, hospital bills, funeral expenses, and job loss.
4. Starting a Small Business
Take your idea to the next level. Use your equity to start or expand the small business you’ve always wanted to get off the ground. Because money can be tight during the startup phase, consider equity as the jumpstart for the next phase of the business plan. Nevertheless, a plan to repay the equity is mandatory for entrepreneurs in case the startup doesn’t get off the ground.
College is expensive, and costs are increasing by the semester. Scholarships and grants are tough to obtain, while student loans can be difficult to pay back. It’s tempting to use equity to pay for a college education, and many homeowners take this route. Nonetheless, this option should be a last resort. Exhaust all your resources before using equity for education. Additionally, ensure the career choice is something you truly desire and can turn a profit to repay your equity loan.
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Condos around the Beacon Hill area to rent:
Back Bay area condos for rent
Beacon Hill area condos for rent
Charlestown area condos for rent
Navy Yard Charlestown area condos for rent
Dorchester area condos for rent
Fenway area condos for rent
Jamaica Plain area condos for rent
Leather District area condos for rent
Midtown area condos for rent
Seaport District area condos for rent
South Boston area condos for rent
South End area condos for rent
Waterfront area condos for rent
North End area condos for rent
West End area condos for rent
East Boston area condos for rent