{"id":8109,"date":"2023-08-07T10:30:00","date_gmt":"2023-08-07T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/four-ways-you-can-use-your-home-equity\/"},"modified":"2023-08-07T10:30:00","modified_gmt":"2023-08-07T10:30:00","slug":"four-ways-you-can-use-your-home-equity","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/four-ways-you-can-use-your-home-equity\/","title":{"rendered":"Four Ways You Can Use Your Home Equity"},"content":{"rendered":"
If you\u2019re a homeowner, odds are your equity<\/a> has grown significantly over the last few years. Equity<\/a> builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the \u2018unicorn\u2019 years<\/a>, you\u2019ve likely gained more than you think.<\/p>\n According to the latest Equity Insights Report<\/em><\/a> from CoreLogic<\/em>, the average homeowner has more than $274,000 in equity right now<\/strong>. That much equity can help you achieve certain goals. In a recent article, Bankrate<\/em> elaborates:<\/a>\u00a0<\/p>\n \u201cWhile the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner<\/em>.\u201d<\/p><\/blockquote>\n Here are a few examples of how you can put your home equity to work for you.<\/p>\n If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you’ve got too much space, downsizing<\/a> to a smaller home could be just right. Either way, you can put your equity toward a down payment on a home that fits your changing lifestyle.\u00a0<\/strong>A real estate agent can help you figure out how much equity you’ve got and how to use it when buying your next home.<\/p>\n Renovations are a great option if you want to change your living space, but you aren\u2019t yet ready to make a move. Home improvement projects give you the freedom to tailor your home to match your needs and personal style. But it’s important to consider the long-term benefits certain upgrades can bring to your home\u2019s value. Lean on a real estate professional for the best advice on which improvement projects to prioritize in order to get the greatest return on your investment when you sell later on.<\/p>\n Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn\u2019t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.<\/p>\n Today the number of <\/span>foreclosure filings<\/a> remains below the norm, so there\u2019s no need to fear a wave of foreclosed homes flooding the market. But unfortunately, there are still some homeowners who experience the foreclosure process each year. If you\u2019re facing financial difficulties, having a clear understanding of your options and how your equity can help is crucial. Equity can act as a financial cushion that can be used in times of unexpected challenges or unforeseen circumstances that may disrupt your ability to make mortgage payments on time.<\/span><\/p>\n1. Buy a Home That Fits Your Needs<\/strong><\/h4>\n
2. Reinvest in Your Current Home<\/strong><\/h4>\n
3. Pursue Personal Ambitions<\/strong><\/h4>\n
4. Understand Your Options to Avoid Foreclosure<\/strong><\/h4>\n