How to Add Equity to Your Home
Make extra payments on your mortgage., Keep up maintenance on your home., Renovate your home.
Step-by-Step Guide
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Step 1: Make extra payments on your mortgage.
Extra payments can include adding just a bit more than your current payment or adding a more substantial sum to your scheduled monthly payments.
You can also sign up with your lender to pay half a mortgage payment every 2 weeks.
This will add up to 1 extra mortgage payment a year. -
Step 2: Keep up maintenance on your home.
Complete needed repairs and update malfunctioning appliances.
In a good housing market, a well kept home will appreciate in value. , Home improvements can increase equity by updating the look and functioning of your home.
The return on investment (ROI) is the amount of money from the sale of your home you will get back in respect to the amount of money you paid to make the renovations.
Renovation projects with the highest ROI are kitchen and bathroom remodels.
Family rooms, decks and windows also add equity to a home.
To get your money's worth out of a renovation, keep costs low by doing as much of the work yourself as you can.
Choose simple as opposed to extravagant improvements.
Remember to also focus attention on your home's landscape.
Curb appeal can add 5 to 10 percent to the value of your property. -
Step 3: Renovate your home.
Detailed Guide
Extra payments can include adding just a bit more than your current payment or adding a more substantial sum to your scheduled monthly payments.
You can also sign up with your lender to pay half a mortgage payment every 2 weeks.
This will add up to 1 extra mortgage payment a year.
Complete needed repairs and update malfunctioning appliances.
In a good housing market, a well kept home will appreciate in value. , Home improvements can increase equity by updating the look and functioning of your home.
The return on investment (ROI) is the amount of money from the sale of your home you will get back in respect to the amount of money you paid to make the renovations.
Renovation projects with the highest ROI are kitchen and bathroom remodels.
Family rooms, decks and windows also add equity to a home.
To get your money's worth out of a renovation, keep costs low by doing as much of the work yourself as you can.
Choose simple as opposed to extravagant improvements.
Remember to also focus attention on your home's landscape.
Curb appeal can add 5 to 10 percent to the value of your property.
About the Author
Joan Simmons
Writer and educator with a focus on practical DIY projects knowledge.
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