Using Your Home Equity
If you are a homeowner in Tyler or East Texas odds are you have seen a dramatic rise in the amount of equity you have in your home. Using your home equity can be a great way to achieve your financial goals as it builds up over time. Nationwide the average homeowner is sitting on $300,000 of equity in their home right now.
Currently there is a lot of uncertainty in the economy between high interest rates, inflation and the risk of a recession. The Burks Team is here to help with evaluating your most valuable asset and how you can tap into your equity. We will highlight a few examples of how you can use those funds.
1. Get a Better Home for Your Situation
We all have life changes and with that we have a change in what we need in a home. You might be out of room or often need to downsize due to a lifestyle change. The last few years has been tough to sell and buy another home in an overheated market. Now that the market is normalizing this is in reach for many homeowners who can tap their equity to get the right home for them.
You need to evaluate your options and how to best achieve your goals. Many real estate agents have not been around for a shifting market and The Burks Team has been in the Tyler area though hot, cold and normal markets.
2. Upgrade Your Home
Maybe you are in a situation where your current home is close to meeting your needs. Tapping your home equity is a great option if you love your home but just need a few changes.
Improving your home can make it fit your lifestyle better or maybe there are just some cosmetic things that need attention. When deciding to improve your current home make sure to think through which improvements add value and which may not. We would love to provide guidance as a local real estate professional to help with which improvements are best to take on first.
3. Achieving Other Goals
Often people have personal goals that they put on hold due to a lack of funding. This could be furthering your education, going on vacation, or even investing in other real estate. It isn't a good idea to tap your equity for your day to day spending but for things like education, a new business venture, or even investing it can be a great option.