Highland Park Real Estate is on the rise. It’s an area that’s continually growing and developing and with recent sales over 1.3 million for a single family home it wont be stopping anytime soon. Most Highland Park Real Estate Agents will tell you that Highland Park is a neighborhood where you are almost guaranteed to build great equity in your property not only over a long period of time but in just a few months.
First a quick review on equity- “Home equity is the percent of the home you own and it’s the way wealth is built through homeownership.”
Here are some tips and tricks to build your equity in Highland Park Real Estate:
- Make a Larger Down Payment: Waiting to save extra funds for a down payment can increase your financial prospect if you lose the ability to make a purchase while you continue to rent. The goal is to find a balance. Finding a good lender who can provide you with rates and market analysis will help you to do so.
- Use Financial Windfalls: If extra money comes in, use it to pay down your mortgage, this includes inheritances, bonuses or gifts.
- Bi-Weekly Payments: Our Highland Park Real Estate Agents say that by making payments twice a month it will add up too 13 monthly payments instead of 12. This allows you to build equity in your Highland Park real estate faster and shave years off a 30 year mortgage. Always reach out to your lender before you change your payment plan to make sure they do not charge more for processing fees.
- 15 year Mortgages: Our Highland Park Real Estate Agents recommend you take out a 15 year mortgage on your Highland Park home and you will accrue equity twice as fast, if you qualify and have the ability to make the higher monthly payments.
- Home Improvements: Our Highland Park Realtors suggest you make home improvements that will add additional value to your home, as your value increases your debt ratio will decrease and equity will increase. With many older homes in Highland Park the ability to renovations and add value is extremely common and benefits most homeowners.
- Do Nothing: Our Highland Park Realtors always advice to our clients to give it time. Let your home appreciate. With the medium home value appreciation in Highland Park being one of the highest in the US your property will build equity just being owned by you!