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what does this word means

 
 
tintin
 
Reply Mon 4 Jan, 2010 08:37 pm
whats the meaning of 'accumulate equity ' in english ?
 
boomerang
 
  4  
Reply Mon 4 Jan, 2010 08:50 pm
Equity is the value of your property beyond what you owe on it.

Say you bought a house for $200,000.

You've paid off $100,000.

The house is now worth $250,000.

You have $150,000 worth of equity.

To accumulate equity means you continue to pay down the loan while increasing/maintaining the value of your property.
tsarstepan
 
  1  
Reply Mon 4 Jan, 2010 09:00 pm
@boomerang,
<<<Applause>>><<<Applause>>><<<Applause>>>
Give the gal the Selected Answer Prize!

Clear and concise! Good job boomerang!
0 Replies
 
boomerang
 
  1  
Reply Mon 4 Jan, 2010 09:17 pm
Thank you, thank you!

My house belongs in the "sweat equity" hall of fame so this is something I understand.
0 Replies
 
Region Philbis
 
  1  
Reply Tue 5 Jan, 2010 05:40 am
@tintin,

also...

the topic title should be "what does this word mean"
0 Replies
 
ebrown p
 
  1  
Reply Tue 5 Jan, 2010 05:45 am
@boomerang,
You are suggesting a house might increase in value?

0 Replies
 
Mame
 
  1  
Reply Tue 5 Jan, 2010 09:47 am
Just a point: you can substitute the word 'property' for anything you own that might have value, ie. jewellery, cars, art, musical instruments...
0 Replies
 
OmSigDAVID
 
  1  
Reply Tue 5 Jan, 2010 09:49 am
@boomerang,
boomerang wrote:

Equity is the value of your property beyond what you owe on it.

Say you bought a house for $200,000.

You've paid off $100,000.

The house is now worth $250,000.

You have $150,000 worth of equity.

To accumulate equity means you continue to pay down the loan
while increasing/maintaining the value of your property.
Well said
0 Replies
 
 

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