Smart Ways to Build Home in New Jersey within Your Budget
Building a new home is exciting yet challenging, especially for the first timers. Building a home within your budget limit needs a lot of effort, experience and research. And if you want to create wealth through homeownership then “Build equity”. What is build equity? It is the percentage of your home’s value that you own and it’s key to building wealth through homeownership. Prior building home equity you need to know how much equity do you have? Calculating the equity is easy. When you buy your first home because it’s basically your down payment. For example, if you put $11,250 down on a $225,000 home, your down payment is 5% and so is your equity. According to the Inside Mortgage Finance, most of the first time home buyers in US started with about 7% equity from 2016 to the first quarter of 2018. The situation is quiet encouraging for the buyers as they don’t need to spend years saving for 20% down or more before buying. Repeat home buyers started with more equity, at about 1...