We often talk about the value of our home. However, what we donโt often look at is our ๐ฒ๐พ๐๐ถ๐๐ ๐ฝ๐ผ๐๐ถ๐๐ถ๐ผ๐ป. 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.
Iโm always available, as your real estate expert, to provide a ๐๐ฅ๐๐ ๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐๐พ๐๐ถ๐๐ ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐. Message me today and let’s start the conversation!
Courtenay Gayda
Real Estate Advisor – Engel & Vรถlkers Vancouver
604-250-7063
courtenay.gayda@evrealestate.com
Recent Comments