If you have owned your home for 3+ years you most likely have additional equity in your home. Yes, you heard that right! Check out this post on ways you can cash out! Of course, another way to do that is to sell your home.. If you have been wondering how much more your home is worth reach out and I will tell you! Call or text (978)-505-1466 for a free confidential analysis!
If you’re a homeowner, odds are your equity has grown significantly over the last few years. Equity builds over time as home values grow and as you pay down your home loan. And, since home prices skyrocketed during the ‘unicorn’ years, you’ve likely gained more than you think.
According to the latest Equity Insights Report from CoreLogic, the average homeowner has more than $274,000 in equity right now. That much equity can help you achieve certain goals. In a recent article, Bankrate elaborates:
“While the pandemic created serious challenges, the silver lining for anyone who owned a home was the sizable equity gain. Understanding how home equity works, and how to leverage it, is important for any homeowner.”
Here are a few examples of how you can put your home equity to work for you.
1. Buy a Home That Fits Your Needs
If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you’ve got too much space, downsizing to a smaller home could be just right. Either way, you can put your equity toward a down payment on a home that fits your changing lifestyle. A real estate agent can help you figure out how much equity you’ve got and how to use it when buying your next home.
2. Reinvest in Your Current Home
Renovations are a great option if you want to change your living space, but you aren’t yet ready to make a move. Home improvement projects give you the freedom to tailor your home to match your needs and personal style. But it’s important to consider the long-term benefits certain upgrades can bring to your home’s value. Lean on a real estate professional for the best advice on which improvement projects to prioritize in order to get the greatest return on your investment when you sell later on.
3. Pursue Personal Ambitions
Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.
4. Understand Your Options to Avoid Foreclosure
Today the number of foreclosure filings remains below the norm, so there’s no need to fear a wave of foreclosed homes flooding the market. But unfortunately, there are still some homeowners who experience the foreclosure process each year. If you’re facing financial difficulties, having a clear understanding of your options and how your equity can help is crucial. Equity can act as a financial cushion that can be used in times of unexpected challenges or unforeseen circumstances that may disrupt your ability to make mortgage payments on time.
In an article, Freddie Mac explains it this way:
“If exiting your home is the best option for you, selling with equity may be a good option. When selling with equity, you are using the proceeds from selling your home at a higher price than the amount you owe on your mortgage to pay off your remaining mortgage debt.”
Bottom Line
Your equity can be a game changer in reinvesting in your needs, pursuing your goals, and even helping you avoid foreclosure during difficult times. If you’re unsure how much equity you have in your home, connect with a local real estate professional so you can start planning your next move.
Courtesy of KCM
Check out the below videos for more tips!
There is so much to do in Sudbury during the summer. Not even the top 10 gets them all. I hope you enjoy your summer in Sudbury!
Visit the Wayside Inn. This historic inn is one of the oldest operating inns in the country, and it has hosted many famous guests over the years, including Nathaniel Hawthorne, Henry David Thoreau, and Ralph Waldo Emerson.
https://www.visitingnewengland.com/wayside.html
Explore the Assabet River National Wildlife Refuge. This refuge is home to a variety of wildlife, including beavers, otters, and deer. You can go for a hike, canoe, or kayak in the refuge.
https://www.fws.gov/refuge/assabet-river
Visit the Fruitlands Museum. This museum is located on the site of a utopian community that was founded in the 1840s. The museum offers tours, exhibits, and workshops that explore the history of the community and its ideals.
https://thetrustees.org/place/fruitlands-museum/
Take a scenic drive on Route 20. This road winds through the Sudbury countryside and offers stunning views of the surrounding area.
https://en.wikipedia.org/wiki/U.S._Route_20_in_Massachusetts
Visit the Minuteman National Historical Park. This park preserves the site of the first battles of the American Revolution. You can go for a hike, visit the visitor center, or watch a reenactment of the battles.
https://merrimackvalley.org/news/explore-the-minute-man-national-historical-park/
Go stargazing at Great Brook Farm State Park. This park has dark skies, making it a great place to see the stars. There are also hiking trails, a pond, and a farmstead to explore.
https://en.wikipedia.org/wiki/Great_Brook_Farm_State_Park
Have a picnic at Lake Cochituate. This lake is a popular spot for swimming, boating, and fishing. There are also picnic areas and playgrounds nearby.
https://en.wikipedia.org/wiki/Cochituate_State_Park
Visit the Sudbury Farmers Market. This market is held every Saturday from May to October and features local produce, baked goods, and other products.
https://www.americantowns.com/sudbury-ma/local-food/
Go for a hike in the Sudbury Town Forest. This 1,000-acre forest has trails for all levels of hikers, as well as a swimming pond, a picnic area, and a playground.
https://www.svtweb.org/properties/page/memorial-forest-sudbury
Close out the summer with the Sudbury Colonial Faire and Fife & Drum Muster. Held at the historic Longfellow's Wayside Inn, enjoy a full day of music, muskets, history, and fun.
https://companyoffifeanddrum.org/events/calendar/musters/sudbury-muster
What's on your list?
13 Life Lessons From Classic Holiday Movies and TV Specials
Holiday movies and TV specials can teach us how to live better and enjoy more happiness year round. So after you’re out decking the halls and viewing the Christmas light displays around the MetroWest area, settle in for some of these important life lessons from a few old favorites and some other works that may be less well known.
"How the Grinch Stole Christmas":
Sing joyfully. Before he had his change of heart, singing was what the Grinch liked least of all. Surround yourself with the music of the season and sing along.
Resist commercial pressures. The Grinch learned that Christmas doesn't come from a store. Focus on the true meaning of the holidays by sharing time with loved ones and looking for ways to make others happy.
Let your heart grow bigger. Dr. Seuss suspected that the Grinch suffered from a heart two sizes too small. As soon as it grew three sizes larger he brought back the toys he stole, put everything right and got to love his new friends in Whoville.
"It's a Wonderful Life":
Recognize that one person can make a difference. While the challenges around us can seem overwhelming sometimes, we all create our own environment. George Bailey leads a modest life, but he prevents good old Bedford Falls from turning into a sleazy Pottersville.
Celebrate the potential to create better outcomes. With all the talk about "toxic" people, we may sometimes overlook the fact that we all possess a mix of constructive and destructive qualities. By appealing to the good in people, George helps them to succeed in every walk of life.
Welcome help from others. As powerful as George is, he still needs Clarence, the angel, to help him through a rough night. Regardless of whatever weaknesses you possess, you can still serve as somebody's angel if you're willing to reach out.
"A Christmas Carol":
Teach old dogs new tricks. We may sometimes feel that our habits are too ingrained to change. Scrooge proves that a life of stinginess can give way to one of kindness even late in life.
Pay attention to your dreams. We spend about one-third of our life sleeping. Put that time to good use by listening to what your dreams may be trying to tell you. Come to terms with your past. Recognize the unhealthy patterns that get between you and greater happiness. Scrooge's greed cost him his first love. You may need to become more generous to transform your own relationships.
Become more resilient. The Cratchit family remains cheerful in spite of their poverty. Tiny Tim appreciates his blessings even though he's poor and crippled. If we bear our hardships with patience, we can protect our peace of mind.
Other Holiday Programs and Movies:
Focus on others. Steven Spielberg's cartoon, "Pinky and the Brain," is about more than a laboratory mouse trying to take over the world. The friendship between the two mice shines through when Pinky writes to Santa saying it's okay to forget about him and just give Brain what he wants.
Work for world peace. The true story of the 1914 Christmas truce is captured in "Joyeux Noel." If German, French and Scottish troops can call a ceasefire on one Christmas Eve, maybe we can all be more peaceful.
Believe in Santa Claus. "Miracle on 34th Street" looks like it was ahead of its time in questioning consumerism. It's also timeless in affirming the importance of faith. Plus, it may offer the best legal argument for believing in Santa Claus.
Many of us look forward to watching our favorite holiday movies and specials each year. It's a great way to revisit their inspiring messages and share them with our children.
Massachusettes, and especially the MetroWest Area, has plenty of local shops and markets for your gift buying. But still, the holiday season is one of the busiest online shopping times of the year. It’s also one of the most dangerous to your financial safety because online criminals are in full force during the holidays. Even so, you can stay safe and enjoy your online holiday shopping by taking some easy precautions.
Following these tips will help you keep your identity and financial accounts safe from scammers and prying eyes:
Watch your Smartphone carefully. Do you use your Smartphone to make purchases online?
Watch out for fake shopping websites and emails. Fake websites and emails can steal your personal information before you even realize that the website isn’t real.
Pay attention to your accounts. Identity thieves have learned that they can make smaller transactions online, and you may not notice them. These small transactions also verify active accounts. If these small transactions go unnoticed, they go on to steal even more.
Avoid public computers and networks. It’s safer to shop online during the holidays at home on your personal devices.
Avoid using your debit card. It’s safer to use a credit card for shopping online. Credit cards have stronger safety and consumer protection measures than debit cards.
Pay attention to the privacy policies. Legitimate websites have privacy policies that state that they protect your financial information. If you’re using a website to shop during the holidays and don’t see any type of privacy policy, then it may be a sign of a scam.
Print your online receipts or save them. Saving all your receipts enables you to 2 keep track of your purchases. You can compare these receipts to any charges you don’t recognize on your accounts.
Be careful on social media. Your social media friends may share amazing deals during the holiday shopping season. It’s smart to check these deals out ahead of time with your friends to ensure they are really deals that they recommended to you. Social media networks are also vulnerable to identity thieves. You can shop online safely and protect your identity at the same time.
Stay safe as you browse for gifts and enjoy the holiday season.
When you’re an adult, you think about certain things. “What will my profession be?” for example. “How do I know where I want to live? Who should I marry?” However, there is much more to consider than that list, such as thinking about your loved ones, including your aged grandparents.
Living in a large, busy Massachusetts city will impact their quality of life just as much as their deteriorating vision, hearing, and mobility. Friends and relatives are often too preoccupied with their own families or occupations to pay the extra attention required to keep their older loved ones safe.
Simple Changes Around The House
People are both concerned and frustrated at the idea of their aging grandparents becoming a little forgetful or unstable on their feet. Simple modifications around the house can make a vast difference in your family and loved ones, helping them feel safer and more independent.
Start With a Home Safety Audit
A home safety audit is a comprehensive assessment of potential hazards in and around the house. Anything that could cause bodily injury, produce a fire or flooding in the home, or compromise safety by making it simple for intruders are all potential hazards.
Based on the result, you may need to make some physical changes to their living space.
These changes may include:
Decluttering your home. Throw out old clothes, expired food, and other unwanted stuff. Starting with the psychological relief, the payback from being organized is significant.
Provide adequate lighting. In gloomy rooms or hallways, provide some extra lighting. Residents in senior care homes can experience changes in their mood, health, and well-being because of lighting.
Keep them connected. If they don’t already have one, get them a cell phone. Encourage them to use technology to stay in touch with family, doctors, and other caretakers.
Ensure a watchful eye is kept on them. Connect with their neighbors to look out for each other. The simplest way to curb loneliness is to have people around to support and engage them.
Provide adequate security. Think of installing a security system. Apart from the primary goal of crime prevention, these security systems also give protection from risks, aid them in maintaining a more efficient home, and increase their ability to remain independent.
Educate them. If at all workable, teach them how to use shopping and meal delivery services. Technology is making life easier by the day, and you may experiment with it to see if you can extend the benefits to your grandparents as well.
You and your family may need to change your approach to caring for your grandparents as they age, but love never changes.
Help your aging grandparents stay safe and independent at home.
Regardless of your activities, be ready to connect with them to put them at ease. Your love for your grandparents will help you be supportive, and they will appreciate it.
Have you had any thoughts about selling your home in the upcoming months or years?
Historically the ‘Spring’ real estate market begins in mid-January and is really in full force by mid-March. In New England, the exact timing does depend on the weather but is never too early to start planning!
If you or someone you know is considering selling their property in the spring of 2023, NOW is the time to start the process. Even if you feel your home is in order, make sure you are doing all you can to get the most money possible!
Here are some suggestions that you may not have thought of:
I am always here to discuss your specific needs. I have many Clients who I am working with that have no immediate plans on moving but would like to know what they can do NOW or in the coming months and years to get the most for their money when they are ready. Call or text me right away to discuss this! Don’t forget, getting top dollar takes planning and I am here to help with that from beginning to end!
Download the flyer below for more helpful information!
Recently I've given you a few home remodeling ideas, if you'd like to have them all, and a couple more, all in one convenient booklet then you're in luck. Here are a few ideas on remodeling your living room and then at the end there's a link where you can request the booklet of all the projects.
There are two types of living rooms: the one that people actually live in, and the formal-type room that only gets used a few times each year. The latter rarely gets worn out, and is more likely to simply go out of style. The first room is designed for living. Ensure your makeover is appropriate.
Create the living room of your dreams:
Art. A great way to liven up a living room is with art. There are numerous options available, and many are very inexpensive. Art can vary from an impressionist-style piece to a large photograph of your family.
Reupholster. New furniture can be expensive, but purchasing some fabric and reupholstering your furniture can be done for a very reasonable cost.
Window treatments. Those little metal or plastic Venetian blinds are handy and functional, but not particularly attractive. Wider, wooden blinds that are more attractive can be part of a $1,000 makeover budget. Stylish curtains are also a nice touch.
Accent Furniture. Accent furniture could be defined as items that are intended to primarily function as decoration. However, some accent furniture can be functional, too.
Walls. Of course, you can go the paint or wallpaper route. But what about texture? Try using metal, textured ceiling panels on a wall and then paint. What about painting one wall a unique color and keeping the other three a little tamer?
Rearrange. You probably remember coming home from school and finding your mom had completely rearranged the furniture. It drastically changes the look of a room. Some have a better eye than others. Think of your more stylish friends and enlist their help.
Flooring. A living room is conducive to a wide variety of flooring options.
Rug. Think about buying an area rug to put over your existing floor. It really changes the look of the room, and the cost can be minimal.
Ceiling. Many nicer homes have a unique living room ceiling. Your local building supply store has ceiling tiles that can create a dramatic effect.
Trim. Although most trim is very inexpensive, it has a profound effect on the appearance of a room. If you want to make a statement, you might want to try putting trim around the ceiling rather than just around the floor. This will make your home stand out from other homes.
The living room is another great room to choose for a makeover. Your family likely spends every evening in this room. If you’re making over a room, it only makes sense to start with one that you spend a lot of time in.
Include all the family members in the planning of your new family room. Kids sometimes have the best ideas. Be sure you hear them all.
If you'd like to request the Budget Room Makeover booklet go HERE!
