How to Manage Your Home Equity
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Did you know that by the time the average American reaches 65 years of age, 83% of their personal wealth will come from their home equity?
Wait, what? Yep, you heard me right.
83% of your personal wealth will come from your home equity.
That means managing the equity that you have in your home and looking for ways to maximize that equity will be imperative to increasing your overall net worth and ensuring you have the money you need for retirement.
So how do you maximize your equity?
Well there are a lot of different ways and that's why so many homeowners get overwhelmed and do nothing. That's why I'm gonna give you a simple, yet powerful tool called Homebot. It'll take out the confusion and empower you to manage the largest asset you may ever own.
It will show you exactly what you can do, when you should do it and potentially how much wealth you can build. Homebot tracks your current and historical estimated market value of your home so you can see how it changes month by month. You can see a breakdown of the principal and interest that you've paid so far and your potential savings or loss by refinancing to a 15 or 30 year loan.
Now, I think a really cool part of the Homebot tool is that it will let you see how much interest you could save by paying an extra $100 a month on your mortgage. You can choose any amount and run different scenarios. It's pretty eye-opening once you see how much you can save.
Thinking about buying an investment property or moving up to a bigger home?
The tool will show you exactly how much home you can afford. You can even run income scenarios for renting your home or a room in your home on a service like Airbnb. From there it calculates how much you can save by putting that money towards your mortgage payment. You can also see the cash-out potential for doing things like consolidating high interest debt or increasing your home value through home improvements like a kitchen remodel.
As your Realtor, this tool is my gift to you as I know that your home should not only make time with friends and family more enjoyable, but it should also give you the financial security you need to help you live your best life now and through retirement.
To get started with Homebot just click the link below.
You'll be asked to fill out quick form with your address and you'll receive an email digest with a link to start managing your real estate wealth. There's no login or app to download and it's completely free. I know you're really going to love this tool. In the meantime, feel free to message me with your real estate questions or to buy or sell your next home. Until next time, I'm your Realtor Milena Joy. I know changing where you live, can change how you live.