Your equity in your Boston Beacon Hill condo is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest Equity Insights Report from CoreLogic, homeowners gained an average of $51,500 in equity over the past year.
If you’re looking for the best ways to use your growing equity in your Boston Beacon Hill condo, here are four options:
If you’re finding you no longer have the space you need, it might be time to move into a larger home. Or, it’s possible you have too much space and would like something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle. Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home.
If the size of your Beacon Hill home isn’t a challenge but your current location is, it could be time to relocate to a new area. Maybe you enjoy vacationing in the mountains, at the beach, or another area, and you’re dreaming of living there year-round. Or perhaps the distance between you and your loved ones is greater than you’d like, and you want to close the gap. No matter what, your home equity can fuel your move to the location where you really want to live.
If you’re not ready to move into a new home, you can use your equity to invest in a new business venture. As the U.S. Small Business Administration Office of Advocacy says:
“There is an estimate of 31.7 million small business owners in the United States, many of them started their business with the equity they had in their home.”
While it’s not recommended that homeowners use their equity for unnecessary spending, leveraging your equity to start a business that you’re passionate about can potentially grow your nest egg further.
Whether you have a loved one preparing to head off to college or you’re planning to go back to school yourself, the thought of paying for higher education can be daunting. In either situation, using a portion of your growing equity can help with those costs, so you can make an investment in someone’s future.
Your equity can help you achieve your goals. If you’re unsure how much equity you have in your home, let’s connect today so you can start planning your next move.
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Updated: Boston Real Estate 2021 and 2022
Rising Beacon Hill condo prices have been in the news a lot lately and much of the focus has been on whether home prices are accelerating too quickly, as well as how sustainable the growth in prices really is. One of the often-overlooked benefits of rising prices, however, is the impact that they have on a homeowner’s equity position.
Home equity is defined as the difference between the home’s fair market value and the outstanding balance of all liens (loans) on the property. While homeowners pay down their mortgages, the amount of equity they have in their homes climbs each time the value of their homes go up!
According to the latest Equity Report from ATTOM Data Solutions, “13.9 million U.S. properties in Q2 2019 were equity rich — where the combined estimated balance of loans secured by the property was 50 percent or less of the property’s estimated market value — representing 24.9% of all U.S. properties with a mortgage.”
This means that nearly a quarter of Americans who have a mortgage would be able to sell their homes and have a significant down payment toward their next home. Many who sell could also use their new-found equity to pay off high-interest credit cards or help children with tuition costs.
The map below shows the percentage of properties with a mortgage in each state that were equity rich in Q2 2019
If you are a Beacon Hill condo homeowner looking to take advantage of your home equity by moving up to your dream home, let’s get together to discuss your options!
Beacon Hill Condo Sales Data Updated in Real Time
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Beacon Hill Condos – Open Houses
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Beacon Hill Charity Donation
My new goal for the Fall of 2019 is to provide a percentage of our Beacon Hill Real Estate commission to fight Alzheimer’s
Select us to represent you either as a buyer or seller’s agent and we’ll give back a portion of the sales commission to find a cure for this awful disease.
- Having a recent love one suffer and died from this illness broke my heart. Please let us work together to find a cure.
- Ford Realty has been in business for over 20 years.
- Ford Realty Inc has several 2019 positive Google Reviews
- For more information email firstname.lastname@example.org. You can call or send us a text @ 617-595-3712.
- Thank you
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