Buying a home is a significant investment and the benefits of that investment depend largely on the property’s equity. In addition to tax benefits, individuals who invest in property in Florida may also benefit from building equity relatively quickly. When a property owner is deemed “equity rich,” it means that he or she has at least 50 percent equity in the home based on the home’s estimated market value.
Nearly a Quarter of all Homeowners in Florida Qualify as “Equity Rich”
Florida ranks 12th in the country for homes that are “equity rich,” with 24.6 percent of all Florida property owners fitting this category at the end of March 2018, according to ATTOM Data Solutions. This is great news for anyone who wants to purchase property in Florida, especially as a long-term investment, because market values overall are rising, which increases the value of homes and owner equity over time. Even as market cycles change, there is tremendous investment value in purchasing property in South Florida.
For professional advice on all aspects of buying or selling real estate, please contact me at firstname.lastname@example.org or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.