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Buy A House | 28 Posts
Homeowners | 2 Posts
Market Updates | 4 Posts
Real Estate | 4 Posts
Realtor Tips | 8 Posts
Sell A House | 14 Posts
Selling | 1 Posts
Uncategorized | 1 Posts
August
18

Here's How to Build Equity in Your New Home

Now that you've invested in a new home, what does it take to increase its market value? Building equity is one the biggest financial benefits of home ownership. Here are some ways you can start building yours today.

Make the most of mortgage payments

A portion of every mortgage payment pays off your loan's principal, with most of it going to interest in the loan's early years. To make the best use of your money, consider the following:

  • Pay faster: Speak with your lender about dividing your monthly mortgage payment into two bi-weekly payments, for a total of 26, thus paying down your mortgage faster and gaining more equity
  • Pay more: If you have a 30-year mortgage, increase your payment either monthly or when you have extra cash from your tax refund, a bonus from work, or an inheritance

  • Refinance: If you have a 30-year mortgage, consider refinancing to a 15-year loan, which has a lower rate

Make smart renovations

Adding the right amenities and making smart improvements can also increase your home's market value, which ultimately means more equity for you. Which projects will bring the best return on your investment? Popular features can vary by area and home type but many of today's buyers typically love updates and enhancements to:

  • Attics
  • Bathrooms
  • Entrances
  • Garage doors
  • Kitchens
  • Siding

Be Mindful of the Market

The realities of a buyer's or seller's market will have an impact on how much return you'll get when you sell. Work with a professional real estate agent and financial professional when the time comes. Contact JJ Elek to learn more.

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Ready to buy or sell? Whether you are moving across the street or across the country our agents have years of experience and are ready to help.

Call Today!! (732) 634-9100

https://www.jjelekrealty.com/

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