How Your Home Equity Help You Reach Your Retirement Goal

 

Whether you've recently retired or are considering it, you could be weighing your options and attempting to envision a whole different phase of your life. You're not alone either. 10,000 Baby Boomers reach the normal retirement age of 65 per day, according to research from the Retirement Industry Trust Association (RITA), and just 47% of that cohort has retired as of yet.

If this describes you, it's important to think about whether your current home will accommodate your new way of life. The good news is that you might be in a better position to move than you think if your home doesn't offer the amenities or advantages you're searching for.

This is due to the fact that, if you currently own a property, you've probably amassed a sizable amount of equity, which can support your next move. According to the National Association of Realtors, a homeowner who bought a typical property five years ago has again earned around $125,000 from the price appreciation alone. An American homeowner who has owned a home for a year on average has accumulated $64,000 in equity due to housing appreciation.

You can leverage your equity to assist you in achieving your dream of becoming a homeowner. Your equity can help you reach where you want to go, whether you want to downsize, relocate near family members, or purchase a property in an ideal location. It might be some of what you'd need for a down payment on a house that better suits your evolving needs, if not the entire amount.

Both retiring and buying or selling a property are significant life changes. As you enter this new stage of your life, a dependable real estate agent can help you through the selling and buying processes while advising you on which homes will best meet your needs.

To find out how much equity to have in your home, just call Vanna Siackhasone at (907) 720-4663.