3 Ways To Increase Equity On Your Charlotte Home
April 27th, 2021
Increasing equity on your Charlotte home means you’ll make more money when it sells AND you can refinance to get a lower monthly payment.
So obviously, there are a lot of reasons you’ll want to increase equity on your home.
And the good news is, every mortgage payment pays money toward the principal of your loan so equity is always increasing as payments are made!
But maybe you want to increase your equity a little more faster.
Here are some ideas…
Increase Home Value
By increasing the value of your home, you also increase your equity (i.e. how much you’ll make if you sell). This includes renovating things like the kitchen and bathroom, updating HVAC, and making necessary repairs.
Pay More Per Month
The easiest way to increase a home’s equity is to pay a little more on the mortgage every month than the minimum payment. This money should go completely toward the principle of the loan and quickly increase equity!
Wait For Appreciation
If you’re in a market where real estate values are going up, then a great way to increase equity is simply to hold onto the property and let appreciation do its thing. The rate of appreciation varies MASSIVELY by city, suburb, and even neighborhood... but the average in the U.S. is around 3.8% per year. The more the Charlotte market appreciates, the more money there is to be made when you sell!
Hope that helps!
If you or anyone you know wants to sell their home, give us a call at (704) 461-0576 or fill in the quick form below to get started. We can buy houses as-is for a fair cash price and close in as little as two weeks!