Wondering about what you can do with the equity in your home? Then check out this video:
If you own a home, chances are your equity has grown dramatically in recent years as property values have risen and you have paid your monthly mortgage payments. Home equity accumulates over time and might assist you in achieving specific goals. According to CoreLogic’s newest Equity Insights Report, the average home loan borrower currently has about $300,000 in equity.
When you consider your options, it’s critical to understand your assets and how you may leverage them, especially in light of inflation and speculation of a recession. A real estate specialist is the best resource for determining how much home equity you have and advising you on how to spend it. Here are a couple of such instances.
Buy a House That Suits Your Lifestyle
If you no longer have enough space, it may be time to relocate to a larger house. You may also have too much space and require something smaller. In any case, consider leveraging your equity to fund a move into a home that better suits your changing lifestyle.
If you wish to improve your property, you can use your equity to put down on the home of your dreams. If you want to downsize, you may be shocked to learn that your equity may cover part, if not all, of the cost of your next house. A real estate advisor can help you determine how much equity you have and how you might use it to buy your next house.
Reinvest in Your Existing Home
According to a recent Point poll, 39% of homeowners would engage in home repair projects if they could tap into their equity. This is a wonderful alternative if you want to make some changes to your living space but aren’t ready to move yet.
Home improvement projects allow you to tailor your home to your specific needs and preferences. Just keep in mind that some home improvements add more value to your home and are more likely to appeal to future buyers than others. According to a National Association of Realtors (NAR) survey, repairing or replacing wood flooring has a high cost recovery. Consult a local specialist for the best advice on the projects to invest in to maximize your return when you sell.
Pursue Your Personal Dreams
Home equity can help you reach your life goals in addition to helping you relocate or update your property. This could be investing in a new business, retiring or downsizing, or supporting a college degree. While you shouldn’t utilize your equity for wasteful spending, leveraging it to establish a business or putting it toward college expenses can help you attain other lifelong goals.
Your equity has the potential to change the game. Let’s connect if you’re wondering how much equity you have in your property so you can start planning your next move. If you want to know how much equity you have in your home, or just have questions, give us a call at 404-410-6465 or visit CompleteRealtyTeam.com.