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Ways Homeowners Can Use Their Equity

December 16, 2021 by chorton Leave a Comment

Your equity can be a powerful tool to help you reach your homeownership goals. Your equity may have grown significantly in the last year. Here are four ways you can make the most of your growing equity.

1. You Can Use Your Equity to Buy a Home that Meets Your Needs

You might find that you don’t have enough space to live in, and it is time to move. You might have too many square feet and want something smaller. Whatever your situation, you can use your equity to purchase a home that suits your needs. A larger home may offer more space for loved ones or remote workers. On the other hand, downsizing can help you save time and money.

2. Move to the Place of Your Dreams

It may be time to move to a different area if the size of your house is not a problem but your current location is. Perhaps you love to vacation in the mountains, on the beach or anywhere else, and want to live there all year. Perhaps the distance between your family and friends is too great and you want to bridge it. Whatever the reason, your home equity could help you move to the place that you truly want.

3. Start a New Business

You can also use equity to fund a new venture if you aren’t ready to buy a home. Although it is not recommended for homeowners to use their equity for unnecessary expenditures, using your equity to invest in a business you are passionate about could help grow your nest egg.

4. Spend money on education

It doesn’t matter if you are a parent or a friend who is preparing for college, or if you plan to return to school, the idea of paying for higher education can seem daunting. You can use a portion or all of your equity to help pay for higher education.

Bottom Line

You can use your equity to help you reach your goals. Talk to a trusted advisor to find out how much equity your home has and start planning your next move.

 

Original blog: https://www.keepingcurrentmatters.com/2021/11/22/4-ways-homeowners-can-use-their-equity/

Filed Under: Blog, Investing Tagged With: Blog, equity, goals, homeownership

The Wealth Built Through Equity When You Own A Home

February 4, 2021 by chorton Leave a Comment

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Each year, households across the nation make the decision to rent for one more season or take the jump into home ownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will almost certainly take into consideration monthly housing costs, tax benefits, and other incremental expenditures. With these measurements, recent studies show that it is still more cheap to own than rent in most of the nation.

There is, however, another financial advantage to owning a home that is often forgotten in the analysis — the wealth constructed through equity when you own a home.

The normal advantage in the sale of the house (equity) has improved significantly over the last five years.

The National Association of Realtors (NAR) just reported that now, the median-priced home in the country sells for $309,800.

As you make your plans for the coming calendar year, make certain to consider the equity benefits of house price appreciation since you weigh the financial benefits of buying over renting. When you do, you may find this is the best time to jump right into home ownership.

When your ready to become a homeowner contact our office and speak to one of our knowledgeable agents. We are here for all your real estate needs!

Filed Under: Blog, Buying a home, Homes for Sale Tagged With: Blog, buying a home, equity, first time home buyer, Homes for sale Stephenville TX

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