How to Quickly Build Equity in Your Home

How to Quickly Build Equity in Your Home

Owning a home to build equity has been a part of the American Dream pretty much since its inception. So is being financially free, though more and more both of those things can feel like they are slipping out of reach for many. If you have a home you’re currently paying off, you can make more progress towards achieving both of those goals by building equity in your home. Of course, the sooner the better, so how do you do so quickly?

How to Quickly Build Equity in Your Home: Make a Lump Sum Payment

One way to quickly build equity in your home is to make a lump sum payment. This can be a great option if you have some savings set aside in your bank account. Of course, it’s financially unwise to empty out your savings account. You should still save enough to cover emergencies, or you might find yourself needing to take out a HELOC to make ends meet, undoing the work you just did. If you decide to make a lump sum payment on your house, make sure the payment goes towards your mortgage’s principal. It won’t do you nearly as much good if it just goes towards interest.

Make Improvements

Making home improvements is another option for building equity relatively quickly. In order to make the most of this chance to build equity, it’s important to choose projects that offer a lot of value. Kitchen and bathroom projects can yield high returns. That said, it’s important to not go overboard. You don’t want to remodel the kitchen or bathroom so much that it doesn’t make sense for the overall worth of the house. Likewise, unless your home is a good fit for luxury upgrades, you’re probably better off skipping those.

How to Quickly Build Equity in Your Home: Refinance Your Mortgage

If your financial situation has improved since you took out your mortgage, you might want to consider refinancing your mortgage. Shortening your loan term means you’ll be paying off your home more quickly, which means building equity more quickly as well. If you refinance from a 30 year mortgage to a 15 year mortgage, you’ll pay off your home in half the time, building equity twice as quickly as previously. This option may not be for everyone since there are requirements to qualifying to refinance. If your credit score is bad, for example, you may have a more difficult time qualifying for this option.

Building equity faster can feel frustratingly difficult. The 30 years it can take to pay off a home sometimes feels never-ending. Fortunately there are some things you can do to pick up the pace a little. Take a look at your situation and figure out what will work best for you.

If you’re looking to buy a new home, check out our listings here!

 Steelbridge Realty LLC  is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.

 



New Listing - 3 weeks online
$159,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,183
SQFT
2746 Guava St
Fort Myers, FL 33916
EVANS ADDITION Subdivision
$82,900
Townhouse For Sale
Pending With Contingencies
2
BED
1
TOTAL BATHS
875
SQFT
Palm Frond Condo #2B
1165 Palm Ave 2b
North Fort Myers, FL 33903
$284,900
Single Family Home For Sale
Pending With Contingencies
2
BED
2
TOTAL BATHS
1,731
SQFT
9219 Palm Island Cir
North Fort Myers, FL 33903
PALM ISLAND Subdivision
New Listing - 4 weeks online
$91,500
Condo For Sale
Active
2
BED
2
TOTAL BATHS
930
SQFT
1006 Tropic Ter
North Fort Myers, FL 33903
TROPIC TERRACE Subdivision
$94,900
Condo For Sale
Pending With Contingencies
2
BED
2
TOTAL BATHS
892
SQFT
Foxmoor #H
5745 Foxlake Dr H
North Fort Myers, FL 33917
$120,000
Condo For Sale
Active
2
BED
2
TOTAL BATHS
1,114
SQFT
Foxmoor #6
5705 Foxlake Dr 6
North Fort Myers, FL 33917
$69,900
Land For Sale
Active
0.23
ACRES
LEE
COUNTY
1817 NE 23rd Ave
Cape Coral, FL 33909
CAPE CORAL Subdivision
$279,995
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,560
SQFT
531 SE 36th St
Cape Coral, FL 33904
NOT APPLICABLE Subdivision
$11,900
Land For Sale
Pending
0.23
ACRES
LEE
COUNTY
421 Tropicana Pky W
Cape Coral, FL 33993
NOT APPLICABLE Subdivision
$249,900
Multi-Family For Sale
Active
6
BED
4
TOTAL BATHS
3016-3018 Wallace Ave
Lehigh Acres, FL 33973
LEHIGH ACRES Subdivision
$135,000
Mobile Home For Sale
Active
2
BED
2
TOTAL BATHS
1,002
SQFT
19215 Arrowhead Ln
North Fort Myers, FL 33903
LAKE FAIRWAYS COUNTY CLUB Subdivision
$134,995
Mobile Home For Sale
Active
2
BED
2
TOTAL BATHS
958
SQFT
9945 Lake Fairways Blvd
North Fort Myers, FL 33903
LAKE FAIRWAYS COUNTY CLUB Subdivision
$225,000
Mobile Home For Sale
Pending With Contingencies
2
BED
2
TOTAL BATHS
1,647
SQFT
19400 Moccasin Ln
North Fort Myers, FL 33903
LAKE FAIRWAYS COUNTY CLUB Subdivision
$12,500
Land For Sale
Pending With Contingencies
0.231
ACRES
LEE
COUNTY
2816 NW 6th Ave
Cape Coral, FL 33993
NOT APPLICABLE Subdivision
New Listing - 4 days online
$279,900
Single Family Home For Sale
Pending With Contingencies
3
BED
2
TOTAL BATHS
1,483
SQFT
1613 NW 5th St
Cape Coral, FL 33993
CAPE CORAL Subdivision
$249,900
Multi-Family For Sale
Pending With Contingencies
4
BED
4
TOTAL BATHS
5148-5150 24th St SW
Lehigh Acres, FL 33973
LEHIGH ACRES Subdivision
$144,900
Mobile Home For Sale
Active
2
BED
2
TOTAL BATHS
918
SQFT
19847 Eagle Trace Ct
North Fort Myers, FL 33903
PINE LAKES COUNTRY CLUB Subdivision
$159,999
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,144
SQFT
912 Sunniland Blvd
Lehigh Acres, FL 33971
LEHIGH ACRES Subdivision
$215,900
Land For Sale
Active
0.914
ACRES
LEE
COUNTY
17107 Serengeti Cir
Alva, FL 33920
SERENGETI Subdivision
$159,990
Single Family Home For Sale
Pending
3
BED
2
TOTAL BATHS
1,180
SQFT
300 Vermont Way
Lehigh Acres, FL 33936
CARLTON PARK Subdivision
$124,900
Single Family Home For Sale
Pending With Contingencies
3
BED
1
TOTAL BATHS
1,456
SQFT
1019 Joel Blvd
Lehigh Acres, FL 33936
NOT APPLICABLE Subdivision
$69,900
Land For Sale
Active
1.01
ACRES
LEE
COUNTY
21910 N River Rd
Alva, FL 33920
ALVA Subdivision
$64,900
Land For Sale
Pending
0.25
ACRES
COLLIER
COUNTY
205 S 2nd St
Immokalee, FL 34142
IMMOKALEE INDUSTRIAL PARK Subdivision

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