Your equity on your York Region/Vaughan home is the difference between what you owe and the fair market value that your home still holds. Saying that you want to increase this sounds strange because you are constantly making payments, bringing the amount that you have paid closer to the amount that you owed when you started. You do want to increase your equity, however, because you want to make it so that your home is worth even more than when you started. This will raise the fair market value, but it will not raise the amount that you have to pay. You could have everything paid off except for one month and still have a great deal of equity if your home is worth ten thousand dollars more than it was when you bought it.
Purchasing At A Low Price
The way that purchasing a home can be used to increase your equity is by buying one when the cost is low. You want to get a house that is being sold when the market is down, when everything is less expensive. If the market naturally trends back up after that, you will see an increase in equity without doing anything on your own. If the price of a one hundred thousand dollar home increases by ten percent, for example, it will be worth one hundred and ten thousand dollars. This is a large gain when you think about the fact that you have not had to do any extra work.
Many people do this as an investment in the future. The housing market is very strong, so you really need to know how to use it to get the most out of it. If you can find homes that are selling for a price that is under the fair market value, you could start off with a high amount of equity that favours you. Sellers will sometimes do this if they want to move, if they have already purchased another home, or if the home belonged to a parent who has passed away and they want to get rid of it so that they can stop paying the taxes every year.
Ways To Increase The Home's Equity
If you want to take action to improve your equity, you can work on repairing the things that are wrong with the home. If there is cosmetic damage, you can often fix it for a relatively low price. This might not be something that has to be fixed for the home to be safe, but it is still something that is going to influence buyers. You want there to be as little cosmetic damage as possible. You could also renovate things that just need to be updated, things that are not even broken but that still might push buyers away.
If you are doing this, it is important that you try to keep all of your changes as neutral as possible. You might think that having bright red walls is a good idea, but some buyers will hate it. Make sure that you do not do anything that is too extreme. The goal should be to make the home into something that will be attractive to everyone. Try not to let your personal tastes and desires get in the way of this goal.