4 ways to build equity in your house
Equity is the difference between the fair market value of your house and the money you owe in your mortgage, the more equity you have the better for your financial well-being and the sooner you build this equity the sooner you can build your wealth. Here are 4 ways to build equity fast:
1) Buy a fixer upper - If you are able, have the skills and time to take on a project you may be able to build some instant equity if you buy a fixer upper.
2) Upgrade your house as you live in it, if this is possible, depending on the level of repairs and with some planning you can upgrade different parts of the house, maybe finish your basement and create a secondary source of income.
3) Rent a portion of your house or a room to generate some extra income.
4) Use some or all money generated from your rents towards your mortgage payment, if you cannot rent but are able to add a bit extra the easiest thing you can do is change your monthly payment to a by-weekly payment instead and add a bit to the payment this will accelerate the repayment of your mortgage.
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4 ways to build equity in your house
Equity is the difference between the fair market value of your house and the money you owe in your mortgage, the more equity you have the better for your financial well-being and the sooner you build this equity the sooner you can build your wealth. Here are 4 ways to build equity fast:
1) Buy a fixer upper - If you are able, have the skills and time to take on a project you may be able to build some instant equity if you buy a fixer upper.
2) Upgrade your house as you live in it, if this is possible, depending on the level of repairs and with some planning you can upgrade different parts of the house, maybe finish your basement and create a secondary source of income.
3) Rent a portion of your house or a room to generate some extra income.
4) Use some or all money generated from your rents towards your mortgage payment, if you cannot rent but are able to add a bit extra the easiest thing you can do is change your monthly payment to a by-weekly payment instead and add a bit to the payment this will accelerate the repayment of your mortgage.
Attributes
--------------------
Learn how to start investing in real estate, join the next masterclass.
www.wealthywomenandrealestate.com
Get More Involved:
Leave a 5 Star Review & Subscribe
https://buildwealthwitharaceli.buzzsprout.com
Visit my website: https://www.BuildWealthwithAraceli.com
Subscribe on YouTube: https://www.youtube.com/buildwealthwitharaceli