Buying An Old House vs New House

Should you buy a newly built house or one that has been previously lived in? Check out the advantages of both in this new video:

 

 

There is no doubt that the financial benefits of selling a house are excellent today. If you’re ready to make a move, now is a wonderful time to list. Yet, if you do sell your home right now, you may be wondering where you will live when you relocate.

With so few properties on the market right now, you may be thinking about building a new home as one of your possibilities. Yet, you may wonder if it is your best option. Let’s weigh the advantages of buying a new house against buying an existing one, and why engaging with a real estate agent throughout the process is crucial to your success no matter what you choose.

The Benefits of Freshly Constructed Houses

First, consider the advantages of owning a newly built home. You’ll be able to do the following with a brand-new home:

1. Make Your Dream House A Reality – When you build a house from the ground up, you can choose the specific desired features, such as appliances, finishes, landscaping, layout, and more.

2. The Latest In Energy Efficiency – You can choose energy-efficient options when designing a home to help minimize your electricity expenses, protect the environment, and reduce your carbon footprint.

3. Reduce The Need For Repairs & Updates – All home builders provide warranties, giving you peace of mind that your new home should be trouble free for years to come. You will also have fewer small or large projects to complete. QuickenLoans puts it this way:

Buying a new construction vs. existing home typically means you’ll have fewer repairs to do. It can be a huge relief to know that it’s unlikely you’ll have to repair the roof or replace the furnace.

4. Everything Is Brand New – Another advantage of a new home is that nothing in it is used. Everything is completely new and distinctively yours from the start.

The Benefits of Existing Houses

Let’s compare that to the benefits of purchasing an existing property. You can do the following with an existing home:

1. Find A Wider Range Of Home Types & Floorplans – You’ll have a more comprehensive selection of floorplans and designs to choose from with decades of homes to choose from.

2. Join A Well Established Community – Existing homes allow you to get to know the neighborhood, community, or traffic patterns before making a commitment.

3. Established Landscaping And Older Mature Trees – Established neighborhoods also feature better-developed landscaping and trees, which can provide you with more seclusion and curb appeal. According to Investopedia, if you buy an existing home:

Odds are, too, that the home will have mature landscaping, so you won’t have to worry about starting a lawn, planting shrubs, and waiting for trees to grow.

4. Enjoy That Lived In Charm – The character of older dwellings is challenging to replicate. You may select an existing home if you value timeless craftsmanship or design characteristics. According to the website Houseopedia:

Charm is priceless. Existing homes, especially those built in the 1950’s or before, often offer architectural elements, historic charm and a quality of craftsmanship not available in new homes.

You do have options. When you begin your search for the ideal home, keep in mind that you can go either way; you simply need to pick which features and benefits are the most essential to you. Partnering with your trusted real estate expert and agent will help you make the most informed and educated decision possible, allowing you to move into the home of your dreams.

Summing It Up

If you have any questions about the alternatives in your area, let’s talk about what’s available and what’s best for you so you can confidently make your next move. Just visit CompleteRealtyTeam.com to contact us by email or give us a call at 404-410-6465 anytime.

Original post here: Buying An Old House vs New House

Do You Have Questions About The Housing Market? We’re Here To Help!

Are you confused by all the headlines on the real estate market?

 

 

If you’re considering buying or selling a home, you’re undoubtedly curious about what’s going on with home prices, mortgage rates, housing availability, and other factors. Given how sensationalized today’s headlines are, this is no simple assignment. According to Jay Thompson, a Real Estate Industry Consultant:

Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.

Regrettably, when information in the media is unclear, it can cause market panic and confusion. According to Jason Lewris, Cofounder and Chief Data Officer at Parcl:

In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.

But this does not have to be the case. Buying or selling a house is a huge choice that should be made with confidence. Use a local real estate advisor to help you differentiate fact from fiction and obtain the answers you need and are looking for.

Your best resource for understanding what’s going on at the national and local levels is a trustworthy real estate expert. They’ll be able to debunk the headlines using reliable data. And utilizing their extensive industry experience, they’ll provide context so that you understand how current patterns compare to the sector’s usual ebbs and flows, historical statistics, and more.

They’ll then inform you if your local area is following the national trend or if they’re observing something different in your market to ensure you have a complete picture. You’ll then be able to utilize all of that information together to make the best selection for you.

After all, moving is a potentially life-changing event. It should be something that you are both prepared for and excited about. This is where a top rated real estate agent comes in.

In Conclusion

If you have any questions regarding the news or what’s going on in the housing market right now, let’s talk so you can get expert perspectives and assistance. You can reach us at 404-410-6465 or visit our site at CompleteRealtyTeam.com.

Original post here: Do You Have Questions About The Housing Market? We’re Here To Help!

Is It Better To Rent Or Buy A House

Are you facing the decision of whether or not to rent or buy a house this year? If so, check out this video that will help you decide if it’s better to rent or buy a house:

 

 

If you rent, you probably have to make a big decision every year: do you keep the same lease, start a new one, or buy a home? This year is the same. But before you get too deep into your choices, it helps to know how much renting really costs.

Based on information from realtor.com, both current renters and new renters have seen their rent go up in the past year:

Three out of four renters (74.2%) who have moved in the past 12 months reported seeing their rent increase. The strain from recent rent hikes isn’t exclusive to renters who have recently moved. Nearly two-thirds of renters (63.2%) who have lived in their current rental between 12 and 24 months, and likely renewed their lease, have also reported increases in their rent.

And if you look at the past, you shouldn’t be surprised by that. The Census says that rents have been going up pretty steadily since 1988 (see graph below):

So, if you’re thinking about renting in 2023, you should think about whether this trend is likely to continue. Realtor.com’s 2023 Housing Forecast says that rents will keep going up (see graph below):

This prediction says that rents will go up by 6.3% in the coming year (shown in green). When you look at the blue bars on the graph, it’s clear that the 2023 projection doesn’t call for an increase as big as the ones renters have seen in the past two years, but it’s still higher than the average rent increase between 2013 and 2019. So, if you want to rent again this year but haven’t renewed your lease yet, you may have to pay more when you do.

With Rising Rents, Homeownership Is An Excellent Alternative

With prices going up, you may want to think about what other options you have. If you want more stability, you might want to put buying a home at the top of your list. One of the many benefits of owning your own home is that you can lock in a stable monthly payment for as long as your loan lasts. As Freddie Mac says:

Monthly rent payments may increase over time, but a fixed-rate mortgage will ensure that you’re paying the same amount each month. With a fixed-rate mortgage, your interest rate is locked in for the life of loan. Steady payments allow you to budget wisely and make plans for the future.

If you plan to move this year, locking in your monthly housing costs for the length of your loan can be a big help. You won’t have to worry about whether you need to change your budget to account for annual increases, like you would if you left your housing payment up to your landlord and their renewal cycle.

Homeowners also have a lot more equity in their homes, which has grown a lot the last few years. In fact, CoreLogic’s most recent Homeowner Equity Insight report shows that the average homeowner gained $34,300 in equity over the past year. As a renter, the money you pay goes only toward the cost of your home and in the landlord’s pocket. When you pay your mortgage on a house, you automatically save money, which adds to your wealth. This is called your home equity.

Summing It Up

If you want to rent this year, it’s important to think about how much it will really cost you. Let’s talk about how you can start getting ready to buy a home today.

If you’re ready to start your journey as a homeowner, get in touch! Give us a call at 404-410-6465 or visit CompleteRealtyTeam.com to contact by email.

Original post here: Is It Better To Rent Or Buy A House

Complete Realty Team Offers Tips for Buying a Home in 2023

Marietta, Georgia -

Complete Realty Team, a company based in Marietta, GA, is offering several tips for those interested in purchasing a home in 2023. First of all, it is a good idea to work on improving credit score, which plays a significant role in the home financing rate and therefore affects the home buyer’s monthly payments. Second, it is important to set aside a certain percentage of each paycheck to be prepared for the down payment. Third, getting pre-approved can help the home buyer better understand their finances and this can help make them standout when making an offer. Lastly, the home buyer has to prioritize their various wants and needs.

According to recent data from ApartmentList.com, rent prices during the first half of 2021 have been increasing very rapidly with the national rent index rising by 11.4 percent since January. This serves as a motivation for renters to buy their own home. While the higher rent may place too much stress on people’s finances and make it more difficult for them to prepare for homeownership, experts agree that setting aside even small amounts of money and keeping this in a dedicated savings account can be a good starting point for those who dream of having their own home.

People interested in buying a home are also advised by experts to examine their overall finances and credit score and find ways to bring down their debt. The average credit score of first-time home buyers, according to the HUD, is 716. For those who don’t know their credit score, there are several online tools that can help them check their credit score. For those who discover that their credit score is below the above-mentioned average, there are various ways to improve one’s credit score, such as paying bills on time, reducing debit, and using one’s credit card responsibly.

Lastly, it is a good idea to consult with someone who is knowledgeable and experienced with regards to the home market. A trusted advisor can help the home buyer in navigating the specific market and discuss the various available options. Having the appropriate network of real estate and home financing professionals can help the home buyer plan for the home buying process, determine what kind of home is within the budget, and how to get pre-approved.

Ken Mandich, who heads the Complete Realty Team, says, “If you’re planning to be a homeowner one day, the best thing you can do is start preparing now. Even if you don’t think you’ll purchase for a few years, let’s connect today to discuss the process and to set you up for success on your journey to homeownership.”

Complete Realty Team has set as its goal to help home sellers and buyers obtain the services of the real estate agents who can really help in ensuring that their clients are comfortable and are well-informed as to what is happening at each step of the home selling or buying process. For home sellers, they will help in developing a personalized and winning strategy for selling the home for as high a price as possible and as quickly as possible. Ken Mandich is a realtor who leads a team of real estate agents and he is also knowledgeable and experienced in digital marketing, which is useful in ensuring that the house of the seller is placed in front of more people who are actively searching for a home to purchase. For home buyers, they will be negotiating the best possible terms. They will also provide the best resources to enable the home buyer to find the best possible home insurance, home financing utilities, and other services.

They provide their residential real estate services in Cobb County, including the surrounding areas of: Fair Oaks, Acworth, Austell, Marietta, Kennesaw, Mableton, Sandy Springs, Powder Springs, Roswell, Smyrna, and Vinings.

https://www.youtube.com/watch?v=ea9DuGJ__zY

Those who are interested in learning more about buying a new home can visit the Complete Realty Team website or contact them through the phone or by email. They can be contacted 24 hours a day, at any day of the week.

Source: Complete Realty Team Offers Tips for Buying a Home in 2023

Top Reasons Homeowners Are Selling Their Homes

Are you on the fence about selling your home? If so, check out some of the reasons other homeowners are choosing to sell today despite trading in their lower mortgage rate for a higher one:

 

 

Some homeowners may not want to sell their homes because they don’t want to lose their historically low mortgage rate on their current home. You might feel the same way if you’re considering selling your house.

Even though mortgage rates are higher than they were a few years ago, there are other things to consider when moving that don’t involve money. In other words, your mortgage rate is important, but you may have other things going on in your life that make a move necessary, no matter where rates are today. As Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), says:

Home sellers have historically moved when something in their lives changed – a new baby, a marriage, a divorce or a new job. . . .

If you’re thinking about selling your home, you might find it helpful to look into the other reasons people are moving today. Realtor.com’s Survey asked people who had recently sold their homes why they did so. In the graphic below, you can see how those homeowners reacted:

As the picture shows, the main reasons people sold their homes recently were a desire for something different or the fact that their current home no longer met their needs. Also noteworthy was whether or not they could work from home and if they needed a home office or were tied to a specific office location. They also wanted to be close to their family.

The results of the realtor.com survey are summed up as follows:

The primary reason homeowners decided to sell in the last year was the realization that, after so much time spent at home, they wanted different features and amenities, such as walkability, outdoor space, pool, etc. . . .

If, like the homeowners they talked to, you want features, space, or amenities that your current home can’t give you, it may be time to consider selling your home.

Even with the mortgage rates of today, your needs and wants may be enough to make you want to make a change. The best way to figure out what’s best for you is to work with a trusted real estate professional who can give you expert guidance and advice throughout the process. They can help you understand your choices so you can make a confident choice based on what’s most important to you and your family.

Summing It Up

Even though money is a big reason to or not to move, there is often a lot more to think about. Reasons that have nothing to do with money can also be very important. Let’s talk today if you need help figuring out the pros and cons of selling your house. If you have questions, please don’t hesitate to contact us at 404-410-6465 or visit CompleteRealtyTeam.com

Original post here: Top Reasons Homeowners Are Selling Their Homes

Realtor Ken Mandich Is Sharing Ways in Which Homeowners Can Use Their Equity

Marietta, Georgia -

Realtor® Ken Mandich is sharing tips on how homeowners can use their equity in their property to achieve their life goals.

Real estate has been booming all across the United States since mid-2020 culminating in the highest national median home value in years in May 2022. The rising property values have resulted in homeowners realizing that the equity in the home they already own, either fully or partially, has significantly increased in value. In fact, on average, homeowners have gained over $30,000 in equity over the last year.

Ken Mandich talks about how American homeowners can make smart use of this windfall by saying, “Even if you are still making mortgage payments, your equity has undoubtedly increased since you moved in. Owning a larger stake in your property with debt repayment and the corresponding rise in property values after the pandemic are dually responsible for this increase in your net worth. In short, you have a real tangible asset that can be put to good use. There are several options available to you and the choice you make all depends on your personal and financial goals.”

There are three ways, according to Ken, that home equity can be leveraged - moving to a new house, reinvesting in the current property, or using the equity to fund a new venture. First, homeowners who feel their needs have outgrown their current home can use their equity as the downpayment on a larger home. On the other hand, property owners who want to downsize can move into a smaller home, with the leftover funds being available for any purpose they see fit.

Next, homeowners can also opt to renovate their current property to increase its value. Home improvement projects can be a cost-effective way to make affordable changes that give homeowners a large return on investment. For example, the National Association of Realtors reports that refinishing or replacing wood flooring makes the property more appealing in the eyes of buyers. An experienced Realtor®, such as Ken Mandich, can provide even more precise and updated guidance on the exact changes to a property that can net the highest returns.

Finally, home equity can be sold off and turned liquid for several purposes. Homeowners can fund business ventures, put the money towards their retirement, use it as tuition, or even use it to pay off pending debts that they might have. While the possibilities are left up to the homeowner's discretion, Ken Mandich warns against using the money for frivolous short-sighted spending.

"It is all up to you," Ken says, "It all comes down to what you envision for yourself - 5, 10, 20 years from now. When you have made that decision or need help in figuring out what choice is right for you, give me a call. We can go over your current equity, map out the options available to you, and make it happen."

Ken Mandich and Complete Realty Team are a part of ERA Sunrise Realty. His decade-long experience buying, renovating, investing, and flipping houses in Cobb County gives him an edge compared to other Realtors® in Georgia. The real estate services offered by Complete Realty Team include comparable home price analysis, open houses, property surveys, HOA agreements, credit reports, title companies, lenders, homeowners’ insurance, walkthroughs, terms of sale or purchase, concessions, repairs, and closing documents.

When asked about what drives him, Ken says, "My passion for helping people is why I chose to become a real estate agent. Real estate is one of the most accessible financial instruments that middle-income individuals and families have in the US for building wealth. So, watching my clients succeed with this wonderful opportunity is what motivates me to do what I do best."

https://www.youtube.com/watch?v=5ZNJjb2-Xp8

Ken Mandich and Complete Realty Team can be contacted at (404) 410-6465 or admin@completerealtyteam.com for inquiries. His services cover all of Cobb County including Acworth, Austell, Kennesaw, Mableton, Marietta, Powder Springs, Smyrna, and the entire Metro Atlanta area.

Source: Realtor Ken Mandich Is Sharing Ways in Which Homeowners Can Use Their Equity

What You Can Do Now To Get Ready To Buy A House

Are you ready to buy a home this year? Then watch this video to see how you can make homeownership a reality in 2023:

 

As rent prices continue to rise, many renters want to know what they can do to get ready to buy their first home. Recent information from ApartmentList.com shows that:

The first half of 2021 has seen the fastest growth in rent prices since the start of our estimates in 2017. Our national rent index has increased by 11.4 percent since January . . . 

If you rent, the rising cost may make saving up for a home seem impossible. But the truth is that you can and should do things to get ready to buy your first home. Here’s what to do if you want to learn more about getting out from rising rents.

Even small amounts should be saved. Now, experts agree that putting away what you can, even if it’s just a tiny amount, into a savings account is a great way to start saving for a down payment. The founder of Zero-Based Budget Coaching LLC, Cindy Zuniga-Sanchez, says:

I recommend saving for a home in a ‘sinking fund’ . . . . This is a savings account separate from your emergency fund that you use to save for a short or mid-term expense.

Work On Your Credit And Assess Your Finances

Experts also say that you should look at your overall finances and credit score and find ways to pay down your debt. The average credit score of first-time homebuyers is 716, according to the HUD. Many online tools can help you determine your credit score if you don’t know it. Don’t worry if your score is less than that. Remember that an average means that there are homeowners with credit scores both above and below that threshold.

If you find out that your credit score is below average, you can improve it in a number of ways before you apply for a loan. HUD says that you should get as much of your debt paid off as you can, pay your bills on time, and use your credit card wisely.

Now Is The Time To Start The Conversation With A Real Estate Professional

Last but not least, it’s important to talk to someone who knows the market and what it takes to buy a house for the first time. We can help with that. A trusted advisor can help you find your way around your market and explain all of your options. Having the right network of real estate and lending professionals on your side can help you plan for the home-buying process and figure out what you can afford and how to get pre-approved when you’re ready.

Most importantly, we can help you see how you can own your own home. As Accredited Financial Advisor Lauren Bringle from Self Financial says:

Don’t write home ownership off just because you have a low income . . . . With the right tools, resources and assistance, you could still achieve your dream.

Summing It Up

If you want to own your own home someday, the best thing you can do is start getting ready now. Even if you don’t think you’ll buy for a few years, let’s talk today to talk about the process and help make you ready to be a homeowner. You can reach us at 404-410-6465 or visit CompleteRealtyTeam.com

Original post here: What You Can Do Now To Get Ready To Buy A House

Georgia Complete Realty Team Believes Sellers Might Have an Edge This Spring

Marietta, Georgia -

Cobb County Realtor® Ken Mandich is offering real estate advice to homeowners aiming to sell their property in the first half of 2023.

Low housing inventory has propelled home prices to new heights over the last couple of years with the national median home price hitting its peak in May 2022. Prices have since fallen from those levels but they are still substantially higher than they were in the first quarter of 2020. While the number of homes on the market is greater than in 2022, they are still much lower than the abundant inventory that was available to buyers in 2020.

Ken Mandich interprets the state of the real estate market for homeowners in Georgia by saying, “If you want to move, this is a good time to sell your house or buy a new one. There are more homes to buy right now than at any time in the last two years and you are more likely to find a property that suits your needs, within your budget. If you are selling, you still have an edge in the market. You just have to be smart about pricing your property. With a shortage of listings as compared to 2020, if your house is priced right, it will sell pretty quickly and you’ll be on your way to greener pastures in no time.”

Ken’s analysis is supported by the latest statistics published by Realtor.com. The latest Monthly Housing Market Trends report revealed that January 2023 had 248,000 (65.5%) more homes for sale nationwide than a year before. At the same time, it is still 43.2% lower than the number of homes that were on the market between 2017 and 2019. Homebuyers are also motivated by low mortgage rates which are lower now than they were last fall.

“If you are planning on selling your house in the upcoming months, there is no better time than now to pull the trigger,” Ken Mandich says, “You’ll get a ton of buyers interested in your current property and a killer deal on your new mortgage. Capitalize on this opportunity to kickstart the next phase of your life. If you need any help or advice with your property in Cobb County, give me a call. I and my team of real estate experts will guide you every step of the way - from the initial listing to a successful closing.”

Ken Mandich specializes in Cobb County real estate including properties in Acworth, Austell, Kennesaw, Mableton, Marietta, Powder Springs, Smyrna, and the entire Metro Atlanta area. He can help Georgia homeowners with every aspect of real estate including performing a comparable home price analysis, organizing open houses, conducting property surveys, drafting HOA agreements, pulling credit reports, title companies, lenders, homeowners’ insurance, walkthroughs, creating terms of sale or purchase, concessions, repairs, and closing documents.

Ken Mandich has over 10 years of experience investing in real estate and flipping houses in the North Metro area. Now, as a part of ERA Sunrise Realty, Ken is helping Georgians reach their real estate goals through the combination of technology and his real-world expertise. Whether a client is downsizing, relocating, selling, buying, or investing in property, Ken Mandich and Complete Realty Team have perfected the real estate experience to make it as stress-free as possible.

Ken talks about what separates him from other Realtors® in Cobb County by saying, “Not only do we have the best and latest market information but, due to my familiarity of Cobb County real estate, I can also offer you insights that no one else can. The result is a greater return on your real estate investment for you and your family. I also believe that effective client communication is just as important as my real estate expertise. When working with me, you will be always kept fully updated on the status of your transaction. If you have any questions, I’ll only be a phone call away.”

https://www.youtube.com/watch?v=TyzBHVbmYqs

Readers can get in touch with Ken Mandich and Complete Realty Team at (404) 410-6465 or admin@completerealtyteam.com.

Source: Georgia Complete Realty Team Believes Sellers Might Have an Edge This Spring

There Is No Reason To Fear A Wave Of Foreclosures In 2023

If you are concerned about the latest news of foreclosures rising in the U.S. it’s important to put it into the correct context. Check out this video to learn more:

 

You’re not the only one if you’ve read recent news regarding the rise in foreclosures in the housing market. The tales in the media can, without question, be somewhat perplexing at the moment. They might even cause you to reconsider buying a house out of concern that the market might crash. Many people want to know the truth about what is happening right now. In that case, it is imperative to comprehend what the data actually means when it indicates that a foreclosure catastrophe is not where the market is headed. Let’s take a closer look.

Foreclosure filings are up 115% from 2021 but down 34% from 2019, according to ATTOM’s Year-End 2022 U.S. Foreclosure Market Report. Putting this 115% surge in context is more crucial than ever as media headlines focus solely on this number.

Although the number of foreclosure files more than doubled last year, it’s essential to keep in mind why this occurred and how it relates to the market’s more typical pre-pandemic years. Foreclosure filings were at record-low levels in 2020 and 2021 as a result of the forbearance program and other homeowner relief alternatives, so any increase last year is — unsurprisingly — a surge up. According to ATTOM’s Executive VP of Market Intelligence, Rick Sharga:

Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic. It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.

These choices undoubtedly allowed millions of homeowners to remain in their properties, enabling them to rebuild their lives at a very trying time. Due to rising property values at the same time, many homeowners who might otherwise have faced foreclosure were able to use their equity and sell their homes instead, and this pattern is still present today.

Furthermore, keep in mind that today’s foreclosure rates are significantly lower than the record-breaking 2.9 million that were recorded in 2010 during the housing market meltdown, as shown in the graph below.

Even though the number of foreclosures is increasing, perspective is essential. Founder and Author of Calculated Risk Bill McBride recently noted:

The bottom line is there will be an increase in foreclosures over the next year (from record low levels), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.

Summing It Up

Contextualizing the data is more crucial than ever right now. Although there is a projected increase in foreclosures in the housing market, they are still well below the crisis levels experienced when the housing bubble burst so that home prices won’t fall.

If you have questions about the housing market, don’t hesitate to get in touch. You can reach us at 404-410-6465 or visit CompleteRealtyTeam.com.

Original post here: There Is No Reason To Fear A Wave Of Foreclosures In 2023

Ways Homeowners Can Use Their Equity

Wondering about what you can do with the equity in your home? Then check out this video:

If you own a home, chances are your equity has grown dramatically in recent years as property values have risen and you have paid your monthly mortgage payments. Home equity accumulates over time and might assist you in achieving specific goals. According to CoreLogic’s newest Equity Insights Report, the average home loan borrower currently has about $300,000 in equity.

When you consider your options, it’s critical to understand your assets and how you may leverage them, especially in light of inflation and speculation of a recession. A real estate specialist is the best resource for determining how much home equity you have and advising you on how to spend it. Here are a couple of such instances.

Buy a House That Suits Your Lifestyle

If you no longer have enough space, it may be time to relocate to a larger house. You may also have too much space and require something smaller. In any case, consider leveraging your equity to fund a move into a home that better suits your changing lifestyle.

If you wish to improve your property, you can use your equity to put down on the home of your dreams. If you want to downsize, you may be shocked to learn that your equity may cover part, if not all, of the cost of your next house. A real estate advisor can help you determine how much equity you have and how you might use it to buy your next house.

Reinvest in Your Existing Home

According to a recent Point poll, 39% of homeowners would engage in home repair projects if they could tap into their equity. This is a wonderful alternative if you want to make some changes to your living space but aren’t ready to move yet.

Home improvement projects allow you to tailor your home to your specific needs and preferences. Just keep in mind that some home improvements add more value to your home and are more likely to appeal to future buyers than others. According to a National Association of Realtors (NAR) survey, repairing or replacing wood flooring has a high cost recovery. Consult a local specialist for the best advice on the projects to invest in to maximize your return when you sell.

Pursue Your Personal Dreams

Home equity can help you reach your life goals in addition to helping you relocate or update your property. This could be investing in a new business, retiring or downsizing, or supporting a college degree. While you shouldn’t utilize your equity for wasteful spending, leveraging it to establish a business or putting it toward college expenses can help you attain other lifelong goals.

In Conclusion

Your equity has the potential to change the game. Let’s connect if you’re wondering how much equity you have in your property so you can start planning your next move. If you want to know how much equity you have in your home, or just have questions, give us a call at 404-410-6465 or visit CompleteRealtyTeam.com.

Original post here: Ways Homeowners Can Use Their Equity