Gaining equity in your home is a wonderful way to help you bolster your financial well-being. And thanks to a stronger than normal real estate market this past year, there’s a good chance you’ve watched your equity grow! But, are you familiar with how your equity can work for you? If not, read on for some ideas about how you can put your equity to work.
Use Equity to Upsize or Downsize
There’s no question that these last few years have had everyone spending more time in their homes than ever before. It allowed homeowners to evaluate their needs. And while some homeowners found that they didn’t have nearly enough space, others realized that downsizing might be a better fit. If you have equity in your home, consider using it to move into a home with a size and floor plan that works for you. Perhaps a home office would be a tremendous asset at this time, or you’d prefer saving money on monthly upkeep and bills that come with a smaller residence.
Use Equity to Relocate
Have you always dreamed about living so close to the beach that you can hear the waves crashing in the distance? Or maybe you’re a person who would love to fling open the front door to a blanket of glistening snow. Using the equity in your home to relocate to another area altogether is another idea, especially if it’s something you’ve always wanted to do. Of course, there are many considerations with a relocation, but it could bring you closer to family or help you fulfill a lifelong desire.
Use Equity to Pay for Education
It’s no secret that higher education is expensive. The cost of tuition alone can be off-putting for some families, but college comes with many additional expenses like housing, books, and more. If you have equity in your home and a family member preparing to go off to college, consider using that money to offset the expense. This is a great way to invest in someone’s future!
Use Equity to Kickstart a Business Enterprise
Did you know that many people who set out to start a new business do so by using the equity in their homes? It’s true! According to the U.S. Small Business Administration Office of Advocacy, there are approximately 31.7 million small business owners around the country, and many have started their businesses this way. This can be a great way to plan for the future!
I’m a local real estate professional with decades of experience in the Pasadena area. I am available to assist you in buying or selling a home, so please contact me if you would like to schedule a time to discuss your needs. Best wishes for a healthy and safe holiday season ahead!