Did you know women have been using homeownership to build wealth for centuries? Zipporah Potter Atkins made history in 1670 as the first Black woman to buy property in the city of Boston. Her story reminds us that women can be homeowners regardless of their marital status.
In honor of Women’s History Month, here are five ways women can follow in her footsteps.
Tap into your home equity. Remember the equity sitting in your home is like a secret treasure chest. Did you know you can access it to invest in other opportunities, like starting a business or even buying a second property? A home equity line of credit or cash-out refinance can provide the funds to make your dreams a reality, boosting your financial well-being without having to sell your home.
Rent out a room or space. Have an extra room or basement that’s just collecting dust? Consider turning it into a source of income by renting it out. Platforms like Airbnb have made the process relatively simple, allowing you to meet interesting people and make a bit of extra cash along the way.
Host events or classes. Are you a yoga enthusiast or a culinary chef? Use your space to host classes or events. Not only do you get to share your passion with others, but you also get to use this as a pathway to generating additional income.
Consider long-term rentals. If you’re looking for a stable and steady income and you have someplace else to live, think about renting your home long-term. This can provide consistent monthly earnings, which could significantly contribute to covering your mortgage or other crucial expenses.
Improve and sell smart. If you ever decide to move, ensuring your home is in tip-top shape can increase its market value significantly. Strategic renovations not only enhance your living experience but also maximize your return on investment when and if you decide to sell.
Women have the skills and know-how to get ahead. Let your home be a driver of generational wealth and build a lasting legacy.
