Allison Cosgrove, the Blue Jean Mortgage Queen providing solutions and results for homebuyers in Mississauga, the GTA, and Golden Horseshoe areas, is known for her open, honest, approachable service for home buyers and sellers. She knows your house is more than a home. It is also a powerful asset and tool in your portfolio.
“I'm excited to share with you why owning a home is such a valuable asset,” says Allison. “First of all, let me start by saying that owning a home is not just about having a place to live. It's also a strategic investment that can provide long-term financial benefits. In fact, a home is often the largest asset in someone's portfolio.”
She continues, “One of the most significant advantages of owning a home is its potential to appreciate in value over time. Even though the market conditions change, when you look at historical and long-term data, you see that owning is a smart investment that typically pays off over time. However, to reap the benefits, you must leverage this asset in a thoughtful way.”
How can you leverage this asset to improve your financial situation? According to Allison, here are four ways:
- Refinance your mortgage. If interest rates have gone down since you bought your home, refinancing can help you lower your monthly payments and potentially save thousands of dollars in interest over the life of the loan.
- Rent out a portion of your home. If you have extra space in your home, consider renting it out on platforms like Airbnb or VRBO. This can provide a steady stream of passive income that can be used to pay off your mortgage or invest in other areas.
- Use your home equity to finance other investments. As your home appreciates in value, you build equity. This equity can be used to finance other investments, such as starting a business or investing in stocks.
- Downsize. If you're looking to retire or simply want to free up some cash, downsizing to a smaller home can provide a lump sum of money that can be used for other investments or expenses.
She concludes, “At the end of the day, owning a home is not just about having a roof over your head. It's also about building wealth and securing your financial future. So, if you're thinking about buying a home, don't just think of it as an expense. Think of it as a valuable asset that can provide long-term benefits for you and your family.”
Learn more on Allison’s website and on her Facebook, Twitter, and Instagram pages.
