Building home equity is a great way to build wealth. Sometimes people may only think of investments like stocks, gold or even a 401 (k) account as ways to build wealth. A very important key to financial success is the process of building your home equity. While you are paying your mortgage each month, you are also being forced to save for the future.
Before you can start enjoying the financial benefits of building home equity, you must first be a homeowner. A very important step is to get a pre-approval from a lender. This will help you target homes in your price range. It will also add weight to your purchase bid, since you have already secured financing. This simple step can save you time and money while staving off disappointment.
There is very bright news for building equity, it looks like projections are good. According to Pulseconomics's recent Home Price Expectations Survey home prices are expected to appreciate by 3.22% per year on average, and 17.3% cumulatively. Great news.
But what does this really mean. Well let's just imagine that a young couple purchases a home for 250,000 in January this year. By January of 2018 the home would be worth approximately 261,000, a gain of 11,000 in the first year of ownership. Below you will find an illustration provided by Keeping Current Matters which uses this example projecting out five years out.
If you are thinking of moving to York County South Carolina, let us help you. We can help coordinate the move into your next home. We have the deep community ties and knowledge that you are looking for. We want to show you how wonderful York County is.
We would like to invite you to visit ArbieTurnerHomes.com. We specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.
We work hard for our customers.
Provided Courtesy of Arbie Turner Homes Keller Williams Fort Mill SC
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