Pursuing Your Dreams with Home Equity
If you’ve owned your house for a couple of years, there’s something you’re going to want to know more about – and that’s home equity.
Home equity can be defined as:
“The difference between how much your home is worth and how much you owe on your mortgage.”
That means your equity grows as you pay down your home loan and home values climb. To help you really understand how that number can add up over time, the report also says the average homeowner with a mortgage has more than $300,000 in equity. That much equity can have a big impact.
Here are a few examples of how you can put your home equity to work for you.
1. Buy a Home That Fits Your Needs
If your current space no longer meets your needs, it might be time to think about right-sizing to meet your desired lifestyle.
Or, if you have always dreamed about living at the beach, what is stopping you?
Either way, you can put your equity toward a down payment on something that fits your changing lifestyle. Virginia Beach or Sandbridge are just down the street.
2. Reinvest in your current home
If you’re not ready to move just yet, you can use the equity you have to improve your current home.
It’s important to consider the long-term benefits certain upgrades can bring to your home’s value.
You will want to take into consideration which projects to will give you the greatest return on your investment if you do sell later.
3. pursue personal ambitions
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’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.
Let us help you dream and look at your options!
If you want to know how much equity you have in your home, let’s connect.
That way you have someone who can do a professional equity assessment report on how much you’ve built up over time.
Then let’s talk through how you can use it to help you reach your goals.
Resources: Keeping Current Matters, Inc., Freddie Mac Equity Insights Report, Selma Hepp, Chief Economist at CoreLogic,