{"id":7904,"date":"2022-11-29T11:00:54","date_gmt":"2022-11-29T11:00:54","guid":{"rendered":"https:\/\/thezakariagroup.com\/3-ways-you-can-use-your-home-equity\/"},"modified":"2022-11-29T11:00:54","modified_gmt":"2022-11-29T11:00:54","slug":"3-ways-you-can-use-your-home-equity","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/3-ways-you-can-use-your-home-equity\/","title":{"rendered":"3 Ways You Can Use Your Home Equity"},"content":{"rendered":"
\n

\"3<\/p>\n

If you\u2019re a homeowner, odds are your equity<\/a> has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home\u00a0equity<\/a>\u00a0builds over time and can help you achieve certain goals. According to the latest\u00a0Equity Insights Report<\/em><\/a>\u00a0from\u00a0CoreLogic<\/em>, the average borrower with a home loan has almost $300,000 in equity right now<\/strong>.<\/span><\/p>\n

As you weigh your options, especially in the face of inflation and talk of a recession<\/a>, it\u2019s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it.\u00a0 Here are a few examples.<\/p>\n

1. Buy a Home That Fits Your Needs<\/strong><\/h4>\n

\u00a0<\/strong>If you no longer have the\u00a0space\u00a0you need, it might be\u00a0time to move\u00a0into a larger home. Or it\u2019s possible you have\u00a0too much<\/em>\u00a0space and need something\u00a0smaller. No matter the situation,\u00a0consider using your equity to power a move into a home that fits your changing lifestyle<\/strong>.\u00a0<\/strong><\/p>\n

If you want to upgrade your house, you can put your equity toward a down payment<\/a> on the home of your dreams. And if you\u2019re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.<\/p>\n

2. Reinvest in Your Current House<\/strong><\/h4>\n

According to a recent survey from Point<\/em><\/a>, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren\u2019t ready to make a move just yet.<\/p>\n

Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a report<\/a> from the National Association of Realtors<\/em> (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.<\/p>\n

3. Pursue Your Personal Goals<\/strong><\/h4>\n

In addition to making a move or updating your house, home equity can also help you achieve the life goals you\u2019ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn\u2019t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.<\/p>\n

Bottom Line<\/strong><\/h3>\n

Your equity can be a game changer. If you\u2019re unsure how much equity you have in your home, let\u2019s connect so you can start planning your next move.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. Home\u00a0equity\u00a0builds over time and can help you achieve certain goals. According to the latest\u00a0Equity Insights Report\u00a0from\u00a0CoreLogic, the average borrower with a home loan has almost $300,000 in equity […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[100,102,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n3 Ways You Can Use Your Home Equity - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/3-ways-you-can-use-your-home-equity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Ways You Can Use Your Home Equity - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re a homeowner, odds are your equity has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. 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