When was the last time you checked your home equity postion?
May 03, 2021
We often talk about the value of our home. However, what we don’t often look at is our 𝗲𝗾𝘂𝗶𝘁𝘆 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻. Home equity is the current market value of your property less what is owed. Across the country and Metro Vancouver, homeowners are experiencing sizable equity gains because of increased property values.
There are a number of ways to build equity in your home on top of typical appreciation.
1. Make additional payments toward the principal of your loan. Paying down your mortgage combined with the appreciation of your home is a powerful combination.
2. Sign up for bi-weekly mortgage payments. Making 26 half payments over the course of a year actually translates into 13 full payments over the year rather than 12.
3. Make key home improvements that will increase the value of your property.
4. Refinance to a shorter term.
I’m always available, as your real estate expert, to provide a 𝗙𝗥𝗘𝗘 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗘𝗾𝘂𝗶𝘁𝘆 𝗥𝗲𝗽𝗼𝗿𝘁. Message me today and let's start the conversation!
Real Estate Advisor - Engel & Völkers Vancouver