Owning a home gives you peace of mind in knowing that your family has a safe place to live and build memories together. It is nice to have a family home that can be designed and shaped based on your family culture and the needs of your loved one. Additionally, this property is a great investment to help you build wealth over the years.
Building Equity in Your Family Home
As a homeowner, your ongoing mortgage payments help to build equity in the property over time. This long-term investment creates wealth over the years, eventually allowing you to own the home “free and clear.” Not only do your monthly payments help to reduce the size of the loan, but a strong real estate market means that the value of the property increases with time.
Keep in mind that equity isn’t guaranteed because there is always a risk with investments. But homeownership is a safe choice. You need a place to live, and you might as well enjoy the financial benefits over the years.
Tips for Protecting Equity
The more equity you can build in your home, the more money you will have in your pocket when it is time to sell. What will you do with the extra cash? Many families choose to roll the equity into the purchase of another home, helping to reduce the cost of the new mortgage. Or, you can use the extra cash to buy furniture, work on home renovations, buy a car, or even take your family on vacation.
A few simple strategies can help to protect your home equity:
- Choose a Good Real Estate Agent: The right agent will use certain strategies to increase the selling price of your home. The higher the price, the more money you will have when the property sells. Your real estate agent should help you find the “sweet spot” so that you can maximize the price of your property while ensuring a fast transaction as well.
- Flat Fee Real Estate Commissions: When you are selecting your real estate agent, it is important to discuss the commissions and fees that will be charged on the transaction. Many real estate agents charge 3%, which is a significant amount of your home price. Instead, choose our team at DUFFY Realty… our clients save an average of $9,000 due to our low commission structure.
- Invest in Renovations: As you are preparing to sell, it is smart to invest in a few renovations for the property. Even though you will be spending a little money, it adds up to boost home value. Talk to your real estate agent to identify the best “bang for your buck” when it comes to home improvement projects.
At DUFFY Realty, we understand the importance of protecting your equity to support your financial goals. Our team has many years of experience in the Atlanta real estate industry, and we are here to help you in maximizing the value of your home. Call to learn more: (678) 318-1700