3 Ways To Improve Equity In Your Home

Buying a home is a dream come true for many people and the longer you live in it, the more opportunity you have to build equity. Equity is the difference between what the home’s market value is versus what you owe on it and with each house payment you make, the more equity you gain. Also as your home’s value starts to increase your equity also grows. If you’re looking for additional ways to improve equity in your home, here are a couple of ideas.

#1: Large down payment.
When you’re ready to buy a home, you can get a head start right at the get-go, by making a large down payment. Putting down 20% or more of the property’s value is a great way to not only add instant equity, but it can also keep your house payment lower and it will also allow you to avoid paying private mortgage insurance each month which doesn’t insure you but rather insures the lender against a possible loss.

#2: Shorter mortgage terms.
It’s very common for homeowners to take out 30-year loans on their home, but if you can swing refinancing your home to a 15-year mortgage, you will be able to pile on the equity and help pay off the loan quicker. Your monthly payments will be higher, but the payoff can be significant when your mortgage is paid off in half of the time. If you can’t swing the refinance to a 15-year mortgage, consider paying a little more on the principal of your loan with your payment each month or make one or two extra payments a year and apply it toward the principal. This can help you pay off the loan sooner and will help bolster equity over time.

#3: Home renovations.
There are some remodeling and home improvement projects that can help increase the value of your home and boost the equity. Replacing windows and doors, adding attic insulation, and completing a kitchen or bathroom remodel can all help with increased property value and greater home equity. There are certain home projects that do not add as much value. If you’re not sure, I’m glad to provide advice on which to-dos reap the most return.

If you’re ready to explore the option of buying or selling a home, contact me. I’ve been helping clients of all kinds for more than two decades. As a Realtor®, I can help you start the process and can provide tips along the way. I am glad to help you with the information you need to start your adventure.

 

Posted on October 22, 2018 at 8:37 pm
Nancy Johns | Category: Home Buying Tips, Home Maintenance, Selling Your Home | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Get Your Home Ready for the Change of Season

Fall in the Pacific Northwest is stunning. The leaves are already starting to change, the mornings are crisper, and the sun is starting to set earlier. Autumn is the perfect time to cross off some things on your home maintenance checklist, that may seem small but can make a big difference in the long run. Here are some important things you can do to get your home ready for the change of season.

#1: Get the gutters prepped.
Autumn in the Northwest brings a fair share of rain, so that means your gutters are going to need to kick into overtime soon. Your roof will drain thousands of gallons of water from the exterior over its lifetime, and in order to keep that process flowing, your gutters need to be cleaned out regularly. Clogged gutters not only disrupt the flow of water, but they could also lead to damage on your foundation or leakage in your basement. Before the rainy season starts and leaves start falling, be sure to get your gutters cleaned, either by doing it yourself or by hiring a professional gutter cleaning service.

#2: Get leaks sealed.
If you have leaky windows or doors, be sure to seal them with proper caulking before cold, windy days settle in. Weather stripping is an easy and cost-efficient way to reduce your heating and cooling costs, all year long because they can reduce drafts and keep warm air inside where it should be on those chilly fall days. If you have already sealed the areas around your windows and doors and you are still noticing drafts because your windows and doors are old and inefficient, it may be time to consider replacing those items in your home. New windows and doors will not only be energy efficient and reduce noise, but they will also add value and curb appeal to your home should you choose to sell it later down the road.

#3: Review safety procedures.
It’s a great idea to check safety products around your home as well as review safety procedures you have in place. Replace batteries in carbon monoxide and smoke detectors, be sure you have fire extinguishers on each level of your home, and then review your fire escape plan to ensure that you have an exit path should a fire occur in your home. Be sure that your windows aren’t blocked with furniture and have rope ladders available in rooms that are on the upper level.

Part of being a homeowner means staying on top of home maintenance to-dos. Keeping your home maintained well will keep it in great working order no matter what kind of weather happens outside during this year’s fall season. Ready to start your adventure in home buying or are you ready to sell your home this fall? I’ve been helping customers of all kinds for more than two decades. As a Realtor®, I can help you start the buying or selling process and can provide tips along the way. I love working with people around Clark County and am glad to help you with the information you need.

Posted on September 19, 2018 at 8:40 pm
Nancy Johns | Category: Home Maintenance | Tagged , , , , , , , , , , , , ,