Understanding how equity builds over time will help you understand why it is an important reason to invest in real estate now instead of later. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that when you invest with a buy and hold strategy, appreciation increases the value and builds equity slowly but steadily. For those that like to flip houses, you are increasing the home’s value swiftly through rehabilitation and cashing in on the equity. Paying down the loan eats away at the interest and the principal owed on some loans, while others require that you pay down the entire interest balance first, depending on the loan structure. The sooner you get the mortgage out of the way by having your tenants making the payments, the sooner you begin to increase your equity an enormous percentage. Check out below to see what sold in Cheltenham Estates in June 2023:
47590 Aberdeen Drive, Novi: 5 bedrooms, 5.1 bathrooms, 4,366 sq. feet, 3 car garage, Sold Price: $800,000
Cheltenham Estates Home Sold
June 2023
For more information on Cheltenham Estates, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.