As a first-time homeowner, there are certain home and maintenance-related tasks, to-do’s, and issues you just might not be aware of—and that’s never more true than in the winter
Your Home is a Savings Account - Case Study #1
Dated: July 26 2021
CASE STUDY #1
Single detached home - Richmond, BC
$700,000 - bought in 2015
$1,325,000 - current market value
$625,000 gain in 6 years or $104,000/year
These homeowners have built equity and now have the option of upgrading to a bigger house or apply for a HELOC (Home Equity Line of Credit) and use the proceeds for home renovation, pay off higher interest debts, etc.
When you are able to pocket $625,000 and pay down a bigger down payment, your monthly mortgage payment could even be less than what it was originally.
Your options open up.
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