Purchasing a home, generally speaking, is considered an investment, and a new report shows that Millennials take this seriously.
In a recent interview, the chief financial officer of Home Depot stated that the company’s research indicates that Millennials believe in home improvement projects because they think it’s a good investment. Spending money on home improvements, of course, can help boost the amount of equity a homeowner has in their house.
Home equity is essentially the difference between what is owed on the home loan and what the market value of the home is. If recent numbers from the Federal Reserve are any indication, homeowners across the country are enjoying a fair amount of built-up equity.
Building up equity is one of the benefits of becoming a homeowner. If you are renting then consider that every month you are paying down someone else’s loan, and if you own your home, you are paying down your own loan. And if you are also doing home improvement projects, you may be building up equity that you can use later to refinance or pull out as cash.
Element Mortgage applauds the fact that so many Millennials are taking their real estate investments seriously by making an effort to improve their homes.
If you have any questions about purchasing a home in the Fort Collins area, or refinancing, make sure to contact us today. We take pride in educating homebuyers and homeowners alike about their financial options.