You want to get an equity analysis, even if you’re not selling soon.
Today we’ll talk about why an equity analysis is important, even if you’re not considering selling. Home equity is the current value of your home minus your mortgage balance. Equity is wealth being built up by price appreciation and mortgage principal reduction. An equity analysis is an estimation of the current value of your home in today’s market.
It’s important to know the equity in your home for the following reasons:
1. Retirement planning. If your financial advisor knows the equity you have in your home, they can adequately help you plan your retirement and adjust as needed.
2. Borrowing. Your home equity is a resource that you can borrow against to improve the property or pay down debts.
3. Price tag. If you consider selling, you’ll know how much you could get and take forward into your next home.
If you’re interested in receiving a home equity analysis of your current property, feel free to reach out to us at (919) 740-0379 or visit thehoffmanrealtygroup.com. We’d love to help.