One of the greatest benefits of being a homeowner rather than a renter is that you have the opportunity to build equity over the years.
Equity in your home refers to the difference between what you owe on your home and what the current market value is of your home.
For example, if your home is worth $100,000 and you only owe $75,000, you have $25,000 of home equity.
Home equity is a key component of building long-term wealth. But just letting the property appreciate over time isn’t the only way that you can maximize your equity.Read more