#building equity
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Building equity in your home is one of the most significant financial benefits of homeownership. Home equity represents the portion of your property that you truly own, which increases as you pay down your mortgage and as your property’s value appreciates. For Canadian homeowners, understanding how to build equity over time can lead to substantial financial advantages. Here’s a guide on how to effectively build equity in your home.
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Rent vs. Own: Busting Myths and Building Your Future
Ever feel stuck in a rent cycle? Each month, a significant chunk of your income disappears into someone else’s pocket, leaving you with no ownership stake. Many people fall into this trap, but there’s a better way! My Story: From Renter to Homeowner For years, I believed in the “work hard, get rich” mentality. Countless jobs later, I was left with little to show for it. The turning point came…
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What Does It Mean to Build Equity?
If you own a home, one of the benefits compared to renting is that each month you’re making mortgage payments, so you’re building an asset which is equity. Equity refers to the amount of your home that you truly own after you take into account the debt you owe.
To calculate your current equity, you should subtract your loan balance from your home’s market value.
If the number is negative, then your home is worth less than what you owe on it. That means you have upside-down equity.
This is obviously not the goal. The goal is to grow your equity over time as you pay your loan. Until you pay off your mortgage, even though you’re considered a homeowner, your lender still has an interest in your property.
You own your home, but it’s collateral for your loan.
How Does Equity Work?
If you bought a home for $200,000 and you put down $40,000, which would be a 20% down payment, you would then have a home equity interest of 20% of your home’s value. You own the $40,000 of your home right off the bat because of your down payment.
If your home value goes up over time, then while your loan balance could stay the same, your equity could go up. If you bought your home and the market spiked, so your home was worth $400,000, you’d still owe only $160,000, meaning you’d have gone from owning 20% of the home to 60%.
How Can You Build Equity?
The primary way you increase your equity is by paying off your loan.
If you have a standard amortizing loan, that means you’re making equal monthly payments. Those payments in this scenario go toward the interest and principal. Over time the amount that’s going toward your principal goes up. Each year that you own your home and pay your mortgage means you’re gradually paying it off faster.
You can also grow your equity by working to increase the value of your home. Home prices do tend to rise in a healthy economy on their own as long as the real estate market is doing well, and you can speed that up based on the work you do to your home.
You can also make accelerated payments on your mortgage. Most of the time as a homeowner, you’ll make 12 payments a year. If you split a payment into two equal amounts and send it every two weeks, you end up making 26 payments a year. That ends up being the same as having paid 13 monthly payments, so you’re taking some interest off the total life of your loan.
You’ll be able to pay your mortgage faster and build equity more quickly too.
Using Home Equity
The equity you have in your home is an important asset, and it’s calculated as part of your net worth. You can use your equity in different ways.
If you sell your home, then you’re taking the equity you have in your home from the sale.
You can also get a loan against your equity. This is known as a home equity loan or second mortgage.
Overall, having a mortgage is sometimes viewed as forced savings. Each month that you’re making a payment or perhaps multiple payments, you’re building equity or building the value of an asset. It’s like adding money to a savings account but instead of your asset being cash, it’s your home’s equity.
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“we see that you have savings and a dual income and good credit and already pay more to rent than you would to pay this mortgage monthly but what really matters to us is the income you were making 2 years ago for some reason” - banks
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Home ownership actually kind of sucks.
As in, sucks your bank account.
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Me: I'm fine about my autism now btw, like I've come to terms with my fixated interests, limited tolerances and social inabilities. The alienation it brings is not ideal but it's just a reality I've gotta deal with now that I know it's just a part of who I am. I mean, it's not like an awkward conversation is gonna ruin anyone's life, is it? We'll both move on from it eventually. This is fine!
Also me: physically unable to watch beyond the first word of the first question of The Assembly because oh my god what if someone says something awkward or controversial or someone can't make themselves understood people are gonna get mad and scream about it online and I will freeze up and be stuck in the backlash forever I don't know how to handle conflict AT ALL let's just hide in the corner behind the sofa instead wait what if I became a hermit actually yeah yeah yeah that sounds good let's do that
#unresolved trauma? never even heard of her haha 😅#maddie debrief#that 2-minute intro/taster did nothing to calm me down either btw#I'm never comfortable around the types of shows where 'difference' becomes the core conceit of the premise#oh. so you've created a format dependent on making a socially alienated group face the social rules that made them alien in the first place#and then deriving your conflict from the 'natural contradiction' between the two?#sounds like the exact kind of conflict-seeking environment where I can let my normal guard down enough to meaningfully challenge#my deeply rooted feeling that people generally find me cumbersome to be around and mostly just tolerate my presence out of necessity#lovely that#(like i say I haven't seen the show#so idk if it is actually like that or if it's just the promo material stirring shit up as per usual#but as of rn I do not feel welcome in this room)#why does the 'we're not so different after all' always have to come at the climax and never the midpoint of the story?#why can we never find more than personal gratification in that realisation?#why do we always focus on the difficulty of coming to the realisation rather than the conflict of putting the realisation into *practice*?#I know why#it is because the human imagination is far more limited than we like to believe#and we find it hard to even *imagine* a world that we haven't seen functioning for ourselves yet#let alone find a purpose in *acting* on the idea#(especially if we ourselves currently feel dependent on the status quo for our personal welfare#which is why shows made to depend on 'difference = conflict' make my blood run cold)#so if we have to see to believe - how many cases of real world functioning equity does the average person understand?#very few. so let's instead lazily invert the state of power in an existing dynamic that people are familiar with#thereby reaffirming its false dichotomy through perpetuating what is essentially the same old conflict#while claiming to subvert it when in fact all we have done is reverse the dominance while keeping everyone locked in their roles#can someone just put some thought into how we might create a format that aims to loosen up the underlying skewed power dyanmic#so that everyone has to work together to prevent the elevation of a single way of being over all others#because that just becomes suffocating to *everyone* in the end#and that can still *acknowledge difference* but not as a source of conflict - rather as a source of collective strength?#but the story of changing one perspective will always be easier to both tell and enjoy than the one about building something new
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can’t wait for the everlasting debate ‘but doesn’t feminism mean you treat women the same so if you’re gonna hit people you can hit women’ to turn to other marginalised groups too. like if it’s okay to call a white person a stupid white bastard we wanna treat people of colour the same right—
#like. I know we have ‘I don’t see colour’#and it’s obviously bullshit#and we’ve got a long way to go with unpacking how we see people of different races#like damn stop thinking that bc someone’s from Africa they’re starving#but also. unpack the systems that cause the world to have inequalities in access to food#and you have to actually. put things right. not just try act as if all the hurt that is done doesn’t exist#which hopefully we’ve figured out how to apply to gender hopefully that’s intuitive#some ways of of superficially ‘helping’ are infantilising and will in the end lead to that group being exploited by others#empower. capacity build. indigenous folk. trans folk. nd folk. learn to see value so much more broadly#and strength. please. learn broader ways to see strength that aren’t mutually exclusive with vulnerability#but back to my post. I hope it all makes sense why we have accommodations for neurodivergence and stuff#instead of just. people are theoretically equal so we treat them the same. learn the concept of equity
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When the vibes of the trailer home you’re looking at are just so rancid that the Zillow app literally crashes
#I have no judgement against trailer homes in general#but I can’t afford one that doesn’t look like a crime scene#I knew the real estate market was bad but lads it’s BAD#if I want to live anywhere less than an hour away from work#it’s either something even my parents couldn’t afford#or something that is unlivable without structural repairs but a ‘great investment’#I don’t want to ‘build sweat equity’ I want a small living space that I can afford to just move into#not have to repair or update#but half of these listings literally make my skin crawl
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Just talked for 24 minutes straight without taking a breath
I feel like the most important person in the world (sarcasm)
The reason I know my hypomanias are not entirely delusional is because I make progress on the same material from high to high, downloading further sequences of the code
This sounds like gibberish to you
I'll let you decode it
By the time you get even remotely close
I'll have rewritten it
I've got lyrical, sensual, real and terrible
There's beauty, there's bold there's old there's dead in the ground cold
My heart is within me
But its boundaries are wider than me
Making the whole world my house, everybody it it my spouse, next of kin, children and mouse in the garden, creatures big small, plain or mysterious my companions and this earth our home, a place of our own, habitat and humanity
Peace and promise finally in a hand to hand conversation that didn't end with a gun shot or a stab wound, a ripping of countries and families and people apart
But in I see you see me kind of way, I see you see me and I see me see you, we are not equal, and this is what tripped us up even when we escaped your grasp
We are not equal because we are different. And different does not mean the same property or possibility
Different means we can protect ourselves, and we can survive, and challenge and change and understand and become
Different means we can come together
Different means we can reset the table and really relearn
Different means not for some people and that's okay, if you leave all well alone aside from that
It's not hard to set the wrongs right with a single step at a time of understanding
A bridge burned, if it is the right one, is an incredibly freeing experience
From now on, what sort of behaviour is going with me through this portal?
What am I bringing to the dinner we will have after all is said and done?
What will I give my generational line to inherit to pull out and pass around that table?
What kind of world am I building?
What kind of person am I sending out for the battle?
Do I have a just cause?
Am I being bullied into silence?
Are innocents affected?
Can I stomach ignoring my gut?
What will I have to give up if I choose to say nothing now?
Will I be less present, less interested, more passive, more bored or lonely if I do not act in some way?
Is it worth it?
What's more worth it?
#hypomania#mania#bipolar#manic depressive#neurodivergence#different#equity#mending wounds#generational trauma#healing generational trauma#ND#mental illness#surviving#conflict resolution#world building#future#future generations#legacy#stewardship#radical responsibility#palestine israel conflict#i am palestinian and i exist#i am displaced and i am misunderstood#i am open seen and seeing and there is a place on the table for all of the needs#do what ye will but harm ye none#mental health#displacement#trauma#PTSD#war
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How to Build Equity in Your Rental Properties: Strategies for Growth
Building equity in rental properties is a key strategy for long-term wealth creation. Equity not only increases the net worth of your assets but also opens up opportunities for refinancing, expansion, and enhanced cash flow. But how exactly can you build equity more effectively in rental properties? Here are some proven strategies for growing equity over time and maximizing your investment…
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Marketing Strategies for Private Equity Portfolio Brands | Ebook by Gutenberg Download our comprehensive ebook, "Marketing Strategies for Value Creation in Private Equity Portfolio Brands," by Gutenberg and learn how to enhance brand value, drive growth, and optimize digital marketing for maximum ROI.
#Ebook on Private Equity Marketing#Marketing Strategies for Private Equity Firms#Ebook on Brand Building in Private Equity#Ebook on Private Equity Growth Strategies#Download Digital Marketing for Private Equity Ebook#Download Private Equity Portfolio Ebook#Ebook on Content Marketing for Private Equity#Ebook how Increase ROI in Private Equity#Private Equity Thought Leadership#Private Equity Brand Value Ebook
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Investment Insights: Why Owning Commercial Real Estate Can Be More Beneficial Than Renting
Investment Insights: Why Owning Commercial Real Estate Can Be More Beneficial Than Renting
In the world of commercial real estate, the decision to own versus rent can significantly impact your financial success and operational stability. Whether you’re a business owner or an investor, understanding the benefits of owning commercial property compared to renting can help you make a more informed decision. Here’s a closer look at why owning commercial real estate often outweighs renting:
Building Equity and Wealth
Owning commercial real estate allows you to build equity and wealth. Each mortgage payment you make contributes to building equity in the property. This equity grows over time as the property appreciates in value and as you pay down the principal balance. Unlike rent payments, which are essentially a cost with no return, owning enables you to build long-term wealth and potentially benefit from the property's increased value.
Predictable Costs
With ownership, you benefit from more predictable costs. When you own a property, your primary expenses include the mortgage, property taxes, insurance, and maintenance. While these costs are relatively stable, rental agreements can include unpredictable rent increases, especially in a competitive market. Ownership allows you to lock in costs and budget more effectively over the long term.
Control Over Your Space
Another significant advantage is the control over your space. Ownership provides greater freedom to customize and renovate the space according to your needs without requiring landlord approval. This flexibility can enhance operational efficiency and create a workspace read more
#commercial real estate#owning vs renting#real estate investment#benefits of owning property#commercial property ownership#equity building#tax benefits real estate#investment diversification
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Redefining Modern Society: Embracing Connection and Balance
What would you change about modern society? Introduction In the fast-paced world we live in today, there are numerous aspects of modern society that could benefit from thoughtful change. While we have made significant strides in technology, medicine, and communication, there are critical areas where improvement is essential to create a more equitable, sustainable, and compassionate world.Here…
#Community Building#dailyprompt#dailyprompt-2007#Digital Balance#Economic Equity#Lifelong Learning#mental-health#Modern Society#Sustainable Living
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Equity Investment vs Mutual fund’s investment
Image by freepik Choosing between equity investment and mutual fund investment depends on your financial goals, risk tolerance, time commitment, and investment knowledge. Here’s a comparison to help you decide which might be better for you: Equity Investment Pros: Potential for Higher Returns: If you pick the right stocks, individual equities can offer substantial returns. Control: You have…
#Diversification#equity investment#financial planning#Investing#Investment Strategy#long-term investment#mutual fund investment#Passive Income#Personal Finance#Portfolio Management#Risk Management#Stock Market#Stock Trading#Wealth Building
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Credit to the artist and the source please:
via @solar punk
#credit where credit is due#source?#fact checked#solar punk#economies at scale#modular building#love the architectural details#this is a REAL proposal#equity#food security
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HOW TO BUILD EQUITY IN YOUR HOME: A COMPREHENSIVE GUIDE
Building equity in your home is one of the smartest financial moves you can make as a homeowner. Equity represents the portion of your property that you truly "own" – the difference between your home's market value and the outstanding balance on your mortgage. As your equity increases, so does your financial security and your ability to leverage your property for future investments or major expenses. Here’s how you can build equity in your home effectively.
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