Improve your home equity through your real estate in Santa Monica, Brentwood, West LA & the Conejo Valley!
When you buy a home, you’re looking to settle down where you can build a life with a community. Buying a home is also a very wise investment. Since few of us can pay for a new home in full, mortgage loans allow you to purchase a new home. However, these mortgage loans affect your home equity. While you may own the home, it’s mainly owned by the bank until you pay off your mortgage loan. The value that you’ve paid to date accounts for your home equity. Home equity is the total appraised value of your home minus the amount you have left to pay on your mortgage. The more home equity you have, the better. Check out our tips so that you can boost your home equity throughout your real estate in Santa Monica, Brentwood, West LA & the Conejo Valley.
Increasing Property Values.
Rising property values is perhaps one of the easiest ways to increase your home equity, but it’s also the method that you have no control over. As property values increase in your area, so does your home equity. A great neighborhood with excellent schools and well-maintained properties can help improve the value of your community. Make sure to think about the neighborhood when thinking of making a move.
Making home improvements can help to add value to your home which in turn can improve your home equity. However, if you’re renovating your home just because it will increase your home equity, proceed with caution. While a few upgrades can help improve value, if you get a little zealous with the renovations you could wind up spending more than the increase in home equity. As a general rule, make sure that your home is similar to your neighbors’ homes.
Paying Off Principal
Paying off your mortgage loan is the best way to increase your home equity. The more you pay toward your mortgage, the greater your home equity. A shorter mortgage term helps you to pay off your mortgage more quickly which helps you to build equity more quickly.
When it comes to increasing your home equity throughout your real estate in Santa Monica, Brentwood, West LA & the Conejo Valley, be sure to consult with a professional. When thinking of making a move, Sit Down With A Stand Up REALTOR®. Contact The Fealkoff Team for all your real estate needs. We’re helping families in both the Conejo Valley and the Westside of Los Angeles including Westlake Village, Thousand Oaks, Calabasas, Santa Monica, Brentwood and more.