If you’ve purchased a Beacon Hill condo within the last few years, you’ve likely noticed an increase in your home equity. 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.
1. Renovations
Alternatively referred to as remodeling or makeovers, renovations can transform one room from looking old and boring to a more modern feel. Renovate the kitchen and bathroom in your Beacon Hill condo so it pays dividends in resale and equity.
2. Consolidation
Blending two or more debts into one manageable lump sum makes payments easier for owners and saves money on interest. Equity consolidation from Boston Beacon Hill 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 jump start 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.
5. Education
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.
To learn more about making your equity work for you, get in touch with the real estate experts at 92101 Urban Living. We would be happy to show you some of the beautiful lofts, penthouses, and condos Beacon Hill Boston residents desire. Give us a call at 617-720-5454 today
Author Profile
- EXPERIENCE
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
HISTORY
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
AREAS COVERED
Back Bay
Beacon Hill
Charles River Park
Downtown/Midtown
North End
South End
Seaport District
South Boston
Waterfront
Brookline
Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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