As the pandemic keeps us more indoors, it has become apparent that there is a wonderful opportunity to increase home equity. One can do this by doing home improvement projects around the house. Shalom Lamm, a real estate investor, has recommended home improvement projects to all his clients. Let’s say that one buys a house for $200,000. If $100,000 is invested in improvements or simple projects that can be done on your own, the value of the home can skyrocket. Many sellers can profit up to $300,000 just by building equity.
Another way is by speeding up mortgage payments. Instead of going to TJMaxx and Starbucks every week, saving that money can lead to more profit. Paying off additional parts on one’s mortgage can decrease the amount of time interest is paid which is beneficial to anyone. Refinancing is always an option if the housing market takes a dip, as well. By growing property value, it’s important to do renovations that catch buyers’ eyes first. That includes new kitchen appliances or new flooring. By investing in the home, it can really help widen the market for buyers and make more money to the seller. Shalom Lamm is well versed in the value of building equity. If it’s possible for anyone to do, it’s highly recommended. By investing, the payout can end up paying for other loans in the future. Don’t feel pressured to remodel a home or property, this is just a recommendation. However, it can save thousands of dollars in the long run.