3 Ways You Can Use Your Home Equity

<article class="post-551582 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-551582"><span class="entry-date">November 29, 2022</span><div class="entry-header center-block text-center"><h1 class="entry-title">3 Ways You Can Use Your Home Equity</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=3+Ways+You+Can+Use+Your+Home+Equity&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2F3-ways-you-can-use-your-home-equity%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
<div class="fb-share-button display-inline-block" data-href="https://gilliggroup.com/blog/3-ways-you-can-use-your-home-equity/" data-layout="" data-size=""><a class="facebook solid fb-xfbml-parse-ignore" data-tracking="Post,Social Post Link Clicked,Twitter" href="https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fgilliggroup.com%2Fblog%2F3-ways-you-can-use-your-home-equity%2F&amp;src=sdkpreparse" target="_blank"><span class="force-hidden">Facebook</span></a></div>
<a class="pinterest solid display-inline-block" count-layout="horizontal" href="https://pinterest.com/pin/create/link/?url=https%3A%2F%2Fgilliggroup.com%2Fblog%2F3-ways-you-can-use-your-home-equity%2F&amp;description=3+Ways+You+Can+Use+Your+Home+Equity" target="_blank"><span class="force-hidden">Pinterest</span></a>
<a class="linkedin solid display-inline-block" href="https://www.linkedin.com/shareArticle?mini=true&amp;url=https://gilliggroup.com/blog/3-ways-you-can-use-your-home-equity/?shareSlug%3D3-ways-you-can-use-your-home-equity" target="_blank"><span class="force-hidden">LinkedIn</span></a>
<a class="email dashicons dashicons-email solid display-inline-block" href="mailto:?subject=From gilliggroup.com: 3 Ways You Can Use Your Home Equity&amp;body=3 Ways You Can Use Your Home Equity%0D%0Dhttps://gilliggroup.com/blog/3-ways-you-can-use-your-home-equity/" target="_blank"><span class="force-hidden">Email</span></a>
</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div>
<p><img alt="3 Ways You Can Use Your Home Equity | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/21144710/3-ways-you-can-use-your-home-equity-KCM-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/21144710/3-ways-you-can-use-your-home-equity-KCM-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2022/11/21144710/3-ways-you-can-use-your-home-equity-KCM.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>If you’re a homeowner, odds are your <a href="https://www.simplifyingthemarket.com/2022/09/20/watching-the-stock-market-check-the-value-of-your-home-for-good-news/'?a=712984-fa409495d5d70154d03a25e81e9540e2">equity</a> has grown significantly over the last few years as home prices skyrocketed and you made your monthly mortgage payments. <a href="https://www.simplifyingthemarket.com/2022/11/04/homeownership-wins-over-time-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">Home equity</a> builds over time and can help you achieve certain goals. According to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/"><em>Equity Insights Report</em></a> from <em>CoreLogic</em>, <strong>the average borrower with a home loan has almost $300,000 in equity right now</strong>.<span id="more-47464"></span></p>
<p>As you weigh your options, especially in the face of inflation and talk of a <a href="https://www.simplifyingthemarket.com/2022/10/25/what-happens-to-housing-when-theres-a-recession/?a=712984-fa409495d5d70154d03a25e81e9540e2">recession</a>, it’s important to understand your assets and how you can leverage them. A real estate professional is the best resource to help you understand how much home equity you have and advise you on some of the ways you can use it.  Here are a few examples.</p>
<h4><strong>1. Buy a Home That Fits Your Needs</strong></h4>
<p><strong> </strong>If you no longer have the space you need, it might be time to move into a larger home. Or it’s possible you have <em>too much</em> space and need something smaller. No matter the situation, <strong>consider using your equity to power a move into a home that fits your changing lifestyle</strong>.<strong> </strong></p>
<p>If you want to upgrade your house, you can put your equity toward a <a href="https://www.simplifyingthemarket.com/2022/10/10/saving-for-a-down-payment-heres-what-you-should-know/?a=712984-fa409495d5d70154d03a25e81e9540e2">down payment</a> on the home of your dreams. And if you’re planning to downsize, you may be surprised that your equity may cover some, if not all, of the cost of your next home. A real estate advisor can help you figure out how much equity you have and how you can use it toward the purchase of your next home.</p>
<h4><strong>2. Reinvest in Your Current House</strong></h4>
<p>According to a recent survey from <a href="https://hello.point.com/hubfs/PR/fall2022-homeowner-survey.pdf"><em>Point</em></a>, 39% of homeowners would invest in home improvement projects if they chose to access their equity. This is a great option if you want to change some things about your living space but you aren’t ready to make a move just yet.</p>
<p>Home improvement projects allow you to customize your home to suit your needs and sense of style. Just remember to think ahead with any updates you make, as some renovations add more value to your home and are more likely to appeal to future buyers than others. For example, a <a href="https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf">report</a> from the <em>National Association of Realtors</em> (NAR) shows refinishing or replacing wood flooring has a high cost recovery. Lean on a local professional for the best advice on which projects to invest in to get the greatest return on your investment when you sell.</p>
<h4><strong>3. Pursue Your Personal Goals</strong></h4>
<p>In addition to making a move or updating your house, home equity can also help you achieve the life goals you’ve dreamed of. That could mean investing in a new business venture, retiring or downsizing, or funding an education. While you shouldn’t use your equity for unnecessary spending, leveraging it to start a business or putting it toward education costs can help you achieve other lifelong goals.</p>
<h3><strong>Bottom Line</strong></h3>
<p>Your equity can be a game changer. If you’re unsure how much equity you have in your home, let’s connect so you can start planning your next move.</p>
</div>
</div></article>