Get ready for the Spring Market.

Yes, interest rates are high BUT the market is starting to improve. Now is the time to put some sweet sweat equity into your home and be ready to hit the spring market.

When we say, ‘a house is an investment’, we are usually talking about home equity. What is home equity, why you want it and how do you get more of it?

Home equity is the dollar amount difference between the value of your home and the amount of money you owe on your mortgage.

For example, if the value of your home is $500,000 and you owe $250,000, your equity is $250,000.

Building equity means increasing the difference between your home value and the amount owing on your mortgage. You may be able to borrow from your equity as a loan, invest it, build long-term wealth or sell your home for more then your current mortgage and retain the difference.

Here are a few tips on how to get it:  

·         If possible, you may consider a larger down payment then required.

·        Refinancing to a shorter term. 

·         Increase your monthly payments.

·         Switch to Biweekly payments from monthly payments.

 Sweat Equity is updating and adding amenities to possibly increase the value of your home. Bathrooms and kitchens are high on the list of improvements that add value to a home. Energy-efficiency updates can also increase the value of your home, save money on utilities, and possibly provide a tax credit. Improving curb appeal with a fresh coat of paint, trimming hedges and adding a little ‘bling’ to the exterior goes a long way.

 Not all home improvements have to be big ones. Adding a fresh coat of paint or increasing curb appeal can go a long way, too.