{"id":12949,"date":"2025-03-14T20:26:00","date_gmt":"2025-03-14T20:26:00","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/3-smart-ways-to-use-your-home-equity-this-spring-according-to-experts\/"},"modified":"2025-03-14T20:26:00","modified_gmt":"2025-03-14T20:26:00","slug":"3-smart-ways-to-use-your-home-equity-this-spring-according-to-experts","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/3-smart-ways-to-use-your-home-equity-this-spring-according-to-experts\/","title":{"rendered":"3 smart ways to use your home equity this spring, according to experts"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/14\/bf8d2e37-9a6a-4dfe-8dec-50d194530d58\/thumbnail\/620x414\/8c969a921e0df88074e56ac3233023d2\/gettyimages-1833496122.jpg?v=e7f44f50e1cf6b32bb81cbfeaec70acf#\" alt=\"gettyimages-1833496122.jpg \" height=\"414\" width=\"620\" class=\" lazyload\" data-srcset=\"https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/14\/bf8d2e37-9a6a-4dfe-8dec-50d194530d58\/thumbnail\/620x414\/8c969a921e0df88074e56ac3233023d2\/gettyimages-1833496122.jpg?v=e7f44f50e1cf6b32bb81cbfeaec70acf 1x, https:\/\/assets2.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/14\/bf8d2e37-9a6a-4dfe-8dec-50d194530d58\/thumbnail\/1240x828\/cbedcbb3c35bfbade217dcd5b93b2de6\/gettyimages-1833496122.jpg?v=e7f44f50e1cf6b32bb81cbfeaec70acf 2x\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20viewBox%3D'0%200%20620%20414'%2F%3E\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Homeowners have an opportunity to use their home equity strategically (and potentially see big returns) this spring.\u00a0<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>The spring season is typically a time of renewal, and, fittingly, homeowners across the country are realizing that tapping into their home equity \u2014 which the average homeowner has about\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-the-average-home-equity-amount-right-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">$313,000 worth of right now<\/a><\/span> \u2014 gives them the chance to take advantage of new financial opportunities.\u00a0<\/p>\n<p>There are a few ways homeowners typically tap into their home&#8217;s equity, including <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-heloc\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">home equity lines of credit (HELOCs)<\/a><\/span>, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-home-equity-loan\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">home equity loans<\/a><\/span> and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cash-out-refinancing-what-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">cash-out refinances<\/a><\/span>. If one of those funding sources is already in the works for you, though, and you&#8217;re in the process of determining how you&#8217;ll spend the money, there are a few smart ways experts say you can use those funds this spring.\u00a0<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fwww.bankrate.com%2Flanding%2Fcbsnews%2Fbest-home-equity-options%2F%3Fsub-id%3Dwww.cbsnews.com%2Fnews%2Fsmart-ways-to-use-your-home-equity-this-spring-according-to-experts%2F&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fsmart-ways-to-use-your-home-equity-this-spring-according-to-experts%2F&amp;event_type=click&amp;article_id=b21170dc-153c-4a29-bf03-cf1ff6517025\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Find out what your home equity borrowing options are here<\/a>.\u00a0<\/p>\n<h2><strong>3 smart ways to use your home equity this spring, according to experts<\/strong><\/h2>\n<p>Here&#8217;s what experts say you may want to consider using your home equity for this spring:<\/p>\n<h3><strong>Buy an investment property<\/strong><\/h3>\n<p>The average homeowner currently has enough equity in their homes to make a substantial down payment on an <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/should-you-use-a-home-equity-loan-to-buy-an-investment-property-heres-what-experts-say\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">investment property<\/a><\/span>\u00a0\u2014 or buy one outright. That&#8217;s a move that Sasha Travassos, a mortgage broker with Zyng Mortgage, sees a lot of homeowners making right now.<\/p>\n<p>&#8220;[Homeowners] will pull equity out of their home and buy a cheaper property in a less expensive area or region and either use it as a second home,&#8221; Travassos says.\u00a0<\/p>\n<p>According to Travassos, many of her clients are buying a second home with the help of their home equity. When they&#8217;re staying at one house, they&#8217;ll rent out the other house on a short-term basis. Because the rental contracts are short-term \u2014 between six and 12 weeks, for example \u2014 the homeowners can easily plan ahead and rotate between homes to earn rental income.\u00a0<\/p>\n<p>&#8220;You just want to make sure that not only is the mortgage, property tax, insurance and HOA fees are covered by that rental income, but you also want to have a little bit left over for maintenance and, potentially, profit,&#8221; Travassos says. &#8220;The idea is that you&#8217;re using that equity to create income, and, obviously, getting new equity in the home you&#8217;re purchasing for long-term asset growth.&#8221;<\/p>\n<p><a href=\"https:\/\/clicks.trx-hub.com\/xid\/cbsint_a10ef_cbsnews?q=https%3A%2F%2Fwww.bankrate.com%2Flanding%2Fcbsnews%2Fbest-home-equity-options%2F%3Fsub-id%3Dwww.cbsnews.com%2Fnews%2Fsmart-ways-to-use-your-home-equity-this-spring-according-to-experts%2F&amp;p=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fsmart-ways-to-use-your-home-equity-this-spring-according-to-experts%2F&amp;event_type=click&amp;article_id=b21170dc-153c-4a29-bf03-cf1ff6517025\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">See what your home equity borrowing rates could be here<\/a>.\u00a0<\/p>\n<h3><strong>Upgrade your roof and windows\u00a0<\/strong><\/h3>\n<p>Natural disasters such as fires, flooding, hurricanes and tornados are driving up <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/home-insurance-explained-everything-homeowners-need-to-know\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">home insurance<\/a><\/span> rates in many states. With summer fast approaching \u2014 and the severe storms that come with it \u2014 this spring is a good time to update your roof and windows.\u00a0<\/p>\n<p>While these updates are not as popular as, say, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/home-equity-loans-and-home-improvements-what-owners-should-know-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">a kitchen remodel or room renovation<\/a><\/span>, replacing your roof and windows could have a significant impact on your home insurance premium, says Tara McCafferty, a producing branch manager at American Pacific Mortgage, a mortgage banker and broker.<\/p>\n<p>Doing a wind mitigation inspection on your home \u2014 which is an inspection that looks at your roof, windows and the other parts of your home that could be damaged by storm winds \u2014 can drop your premiums substantially if the results of the inspection are positive, McCafferty says.<\/p>\n<p>&#8220;Without that report or the insurance company knowing those things are solid, we&#8217;ve seen premiums come back at, for example, $4,500 a year,&#8221; McCafferty says. &#8220;But if they have the report and the report is good, the premium could be $2,000 or $1,900 a year.&#8221;<\/p>\n<p>A new roof is also a great selling point if you&#8217;re looking to sell your home and buy elsewhere this spring, McCafferty says, as many first-time homebuyers are looking for a home with a new roof or windows.\u00a0<\/p>\n<p>&#8220;They don&#8217;t have the extra capital to put on a new roof at closing or within a year,&#8221; McCafferty says. &#8220;A lot of times they look for [a new roof and new windows] when purchasing a home. With these things, your home becomes more enticing for a buyer.&#8221;<\/p>\n<h3><strong>Acquire a business<\/strong><\/h3>\n<p>If you&#8217;ve got expertise in a certain trade or industry, using your home equity to purchase a business in that field could be a smart decision right now, says Travassos, who works with residential homeowners and businesses.<\/p>\n<p>A &#8220;silver tsunami&#8221; of baby boomers selling their businesses is churning along right now, according to Travassos \u2014 and the influx of business acquisition opportunities could offer an income-producing way to leverage your home equity.\u00a0<\/p>\n<p>&#8220;Yes, you can put money into renovations, but sometimes you don&#8217;t get the bang for your buck, whereas you could use the equity from your home for a business acquisition, buying a plumbing business or electrical installation business; something in your area of knowledge,&#8221; Travassos says.\u00a0<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>The beauty of home equity is that you can use HELOCs, home equity loans and cash-out refinances to borrow for nearly any number of reasons. While improving a kitchen or bathroom can be well worth the money and time, experts say using equity to fund projects that can lower your bills or increase your income is the smart choice this spring. As you decide how you&#8217;ll use the equity you&#8217;ve built up in your home, though remember that your home is used as collateral with this type of borrowing, so it&#8217;s important to ensure that the payments will fit your budget to avoid putting your home at risk.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/jr-duren\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">J.R. Duren<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">J.R. Duren is a content marketing writer for CBS MoneyWatch&#8217;s Managing Your Money team.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/smart-ways-to-use-your-home-equity-this-spring-according-to-experts\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeowners have an opportunity to use their home equity strategically (and potentially see big returns) this spring.\u00a0 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