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Chances are if you’re a homeowner, your equity increased quite a bit this last year. If you’re unsure of how to use this growing equity from your home, here are 4 ideas.

If you’ve found you’re outgrowing your current home, it may be time to consider upsizing. With the last couple years of more remote work, many of us found ourselves home a good deal of time more than we are used to. Perhaps the whole family dynamic shifted as kids studied at home while we worked or other family members moved in with us. If this is your situation, now would be a great time to move to a larger home that better fits your needs. Your increased equity will help you in purchasing a larger space. 

There may not be an issue with the size of your home. But perhaps this pandemic has shown you that you no longer love your location. Maybe you’ve always dreamed of living in a specific area like near a beach or out in the country. Or it could be the long distances to family are really wearing on you. It could be that your growing equity could help you in relocating to a dreamier spot.

Another way to leverage your equity is to invest it in education. Perhaps you’ve been wanting to go back to school for a career change or a chance to propel yourself higher in your current field. Or it could be you’d like to use the funds for one of your children’s college tuition. Whoever it’s for, investing in education is always a solid way to build stability and wealth for generations to come.  

The last idea for investing your equity is to start that dream business you’ve been considering. Leveraging equity in this way is another great way to realize dreams and also continue building lasting financial freedom and generational wealth. 

Growing equity is one of the major perks of homeownership. What will you use your equity to accomplish?