A home for just $1,000,000 is still a bargain compared to the average price of $2.2 million, but there are many ways to make that home worth more.
If you’re ready to do the big bucks, here are the 10 best ways to get your hands on a home worth $1 million.1.
Own a home, but not the whole thing.
In many ways, owning a home is like buying a car.
But unlike buying a vehicle, you don’t get to drive the car for the rest of its life.
Instead, the car’s owner gets to keep a portion of the ownership rights.
If your home is owned by a corporation, for example, you get to keep the equity.
You also have a tax-free interest in the property.
If the home is a single-family home or condominium, the owner gets a tax break.2.
Sell your home.
In most states, you can sell your home at any time.
But if you’re in the market for a rental property or a condominium unit, it may be better to sell at the beginning of your tenancy and wait until you’re moving into a new house.
This allows you to save money, and avoid taxes on the sale.3.
Get a loan.
The biggest benefit of a loan is that it lets you pay off the mortgage with your income.
But you may also want to consider getting a home equity line of credit.
That way, if you need a loan for your mortgage or for a down payment, you won’t have to pay the interest and fees on your home equity.4.
Get some equity in your home, even if you don