Whether or not you plan to sell in the near future, if you’re like most homeowners you likely wonder from time to time what your home is worth. The amount of value in your home is referred to as ‘equity’ – the difference between what you owe on your home and its total resale price. In this post we’ll share a couple of tips on how you can establish and build your home equity over time.
The Key Equation: Ownership = Equity
It probably comes as a bit of a ‘no brainer’ that the easiest way to increase your home equity is to ensure that you own as much of it as possible. If you have a mortgage on your home, try to pay it off as fast as you reasonably can. If you can get an extra payment in every couple of months, or if run into a lump sum that you can place against the principal, you’ll have full ownership of your home that much sooner.
Smart Upgrades Will Increase Value
Renovating your home is an excellent way to increase its value, provided the renovations are done very well and they are something that a buyer would be interested in. For example, here in San Diego one of the more popular upgrades that can add immense value to your property is an investment in solar panels. As we receive a lot of sunlight, residential solar tends to perform very well and can even end up generating positive cash flow if you’re feeding energy back into the power grid. Tasteful kitchen renovations like new appliances and countertops and bathroom renovations like new faucets and fixtures can also improve your home’s value.
Maintain Your Home Regularly
Your home and property are an investment that requires regular upkeep and maintenance to prevent its depreciation. If you let your home fall into a state of disrepair, not only are you reducing its value but you’re also making it harder to sell when you choose to. Potential buyers will have professional home inspectors check every nook and cranny of your home, and if they find that the roof needs replacement or the pipes are rusting you’re going to face difficulties closing your sale. Don’t neglect your home – it’s one of your most valuable investments!
When You Sell, Work with Professionals
Of course, building equity in your home means nothing if you can’t realize those gains when you sell your property and move on. To get the most out of your home you’ll need to work with professional real estate sales team that understands the intricacies of the San Diego market and how to attract qualified buyers.
When you’re ready to sell your San Diego property, contact Kyle Whissel and the Whissel Realty team and we’ll show you how we can help you extract every dollar of equity that you’ve built up in your property. Contact us today at (619) 618-7997 or if you prefer email, click here for our contact form.