S2 Ep6 - Building Equity - a podcast by Brian Cook And Kindra Cox

On Season 2, Episode 6 of The Brian and Kindra Show, they discussed how to build equity in your home. 

It’s important to keep in mind first and foremost that the main factor in the amount of equity found in your home is based on the market.  If the market has decreased since your home purchase it may be a greater challenge to realize equity.  Still, the following tips will help you to build equity in most cases.  

This first recommendation seems almost like it’s too simple of an idea to even mention.  A larger down payment typically helps you to begin having a little bit of equity already in your new home.  It can help you to continue to build equity quicker, as you will have a lower monthly payment. Then, pay more each month toward your principal balance and build more equity and pay your home off early!  Even small additions to your payments can take years off your mortgage. You can also refinance your mortgage to a shorter loan term. However, if you do a 30 year mortgage, you can pay extra on your mortgage and still have a 15 year payment, depending on how much extra you pay.

Another option for building equity is by renovating your home. Sometimes, this can be tricky.  For example, new paint doesn’t particularly increase equity, but certainly can increase saleability.  And saleability equals equity.  There are certain home features that home buyers will view negatively and things you can do to have more desirability amongst the market.  If you upgrade your house to be more appealing to the general population, it will be easier to sell. If you are wanting to sell and raise equity in your home, call Brian and Kindra and they will come look at it and give you free feedback based on the feedback they frequently hear from buyers and other agents.  

Brian and Kindra hope these tips have been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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