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TIPS & TRICKS TO LEVERAGE YOUR HOME EQUITY

Tuesday, April 30, 2024   /   by Ameil Gill

TIPS & TRICKS TO LEVERAGE YOUR HOME EQUITY

TIPS & TRICKS TO LEVERAGE YOUR HOME EQUITY


One of the many perks of homeownership is watching your equity grow — and, as a result, your overall wealth. Used wisely, the equity you have built in your home can be a valuable financial tool.


Here are three creative strategies to leverage your home equity:



    1. RENOVATE.

      Invest in upgrades that elevate your living space. Whether it’s a kitchen renovation, bathroom remodel, adding an addition, or even replacing the roof or the HVAC system — enhancing your home’s functionality can also boost its market value.


    1. CREATE PASSIVE INCOME THROUGH INVESTMENTS.

      Looking to move into a larger home but don’t want to say goodbye to your current property? Tap into your equity to use as your downpayment for the new home, then rent out your current home for an additional income stream.


      OR leverage your equity to purchase an investment property — whether it’s a rental property, vacation home, or a flip, this can be a strategic way to diversify your investments.


    1. CONSOLIDATE DEBT. Are medical expenses weighing you down? Is college tuition stressing you out? You can streamline your finances using home equity to consolidate high-interest debts, like credit card balances, or pay off medical expenses or college tuition bills. This can lead to lower overall interest payments and a clearer path to financial freedom.


Before making any decisions, it’s important to consult a financial professional who can help you evaluate your goals, understand the associated risks, and determine the potential benefits of tapping into your home equity.


If you’re interested in learning how much equity you have in your home, send me a message! I can easily put together a home valuation and net sheet to help you decide if leveraging your equity is the right move.

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated May 24, 2024
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