If you are a homeowner, chances are that you have gained equity over the past year. How much? On average, $51,000! WOAH! What exactly can you do with it? Here are four options that you might consider:
1. Use Your Equity To Buy a Home That Fits Your Needs
Families are not only growing, but spending more time in their home. Perhaps you are outgrowing your home or need to ensure you have a home office (with a door). Using your equity to upgrade (or downgrade for all you empty nesters) might be the right step for you. Consider using your equity to power a move into a home that fits your changing lifestyle.
2. Move to the Location of Your Dreams
More than ever, people are moving to where they want to be and not where they need to be. No longer tied down by working in an office (hello, remote work), many are making the ultimate move. Always dream of the mountains, the beach, or a remote island? No matter what, your home equity can fuel your move to the location where you really want to live (if that isn’t Las Vegas, remember to send me a postcard).
3. Start a New Business
Changes in the ways that we work and in various industries have caused a lot of folks to embark on business ventures. There are 31.7 million (yes, million) small business owners in the US and many of them have leveraged their equity to start their new business. While it is not generally recommended that homeowners use their equity for unnecessary spending, using these funds to start a business can potentially grow your nest egg further.
4. Fund an Education
Knowledge is power and how great is it to know that you are investing in someone’s future? Answer, so amazing! Whether you have a loved one preparing to head off to college or you’re planning to go back to school yourself, the thought of paying for higher education can be daunting. In either situation, using a portion of your growing equity can help with those costs.
Your equity can help you achieve your goals. If you’re unsure how much equity you have in your home, let’s connect today so you can start planning your next move.