Equity can be a powerful tool to help you achieve your homeownership goals. Most likely, your equity has grown significantly over the past year. Equity gains for homeowners over the past year have averaged $51,500, according to CoreLogic’s latest Equity Insights Report.
Here are four great ideas for using your growing equity:
Buy a home that meets your needs using your equityMaybe it’s time to move into a larger home if you no longer have the space you need. You could also need a smaller space because you have too much. Take advantage of your equity to move into a home that fits your changing lifestyle, no matter your situation. You may benefit from expanded living space if you work remotely or have family living with you. Meanwhile, downsizing can save time and money by caring for a smaller house.
- Make your dream location a reality.
If the size of your home isn’t a challenge, but your current location is, it could be time to relocate to a new area. If you enjoy vacationing at the beach, mountains, or another area, you may dream of living there permanently. Alternatively, maybe the distance between you and your loved ones is more significant than you’d like, and you’d like to close the distance, but the location is a problem. In any case, your home equity can help you move to the neighborhood where you want to live.
- Start a New Business
You can invest your equity in a new business venture if you’re not ready to move into a new home. As the U.S. Small Business Administration Office of Advocacy says:
“There is an estimate of 31.7 million small business owners in the United States, many of them started their business with the equity they had in their home.“
Although it isn’t recommended that Denver homeowners use their equity for unnecessary spending, using your equity to launch a business that you are passionate about could potentially grow your nest egg.
- Fund an Education
Whether you have a loved one heading to college or you plan to go back to school yourself, paying for higher education can be scary. Either way, you can use a portion of your equity to cover those expenses, thus investing in someone’s future.
You can reach your goals by using your equity. Let’s connect today to figure out how much equity you have in your home so you can start planning for your next move. And remember, here at The Denver Real Estate Agent, we believe that “You Deserve An Elevated Real Estate Experience.”