Owning a home has many benefits ranging from the financial side of things (like building equity) to the mental (such as having stability and housing security). But one of the benefits we don’t talk about often is how many options you have when you own a property.
If you currently own a home, you have several opportunities to leverage your property and gain greater real estate success. Here are three things you can do with your current home in today's real estate market.
1. Turn your current home into a rental property and buy a new home for yourself. By converting your current home into a rental, you’ll be able to bring in passive income that you can use to pay for your new home. Additionally, you’ll grow your real estate portfolio by owning two properties, which will help you increase your wealth.
2. Sell your home and use the equity to upgrade. If you’re ready for a new neighbourhood or need to move for a job, this is a great option. By selling your home, you’ll get the equity you’ve built up back in your pocket. You’ll then take that equity and use it as a down payment on your next home. Because you’ll have a sizeable down payment as a result of your current home’s equity, you can upgrade to a nicer or larger home in a new area to start the next phase of your real estate journey. You can repeat this process–buy a home, build equity, sell, and upgrade–until you get to your dream home.
3. Turn your current home into your dream home. You can accomplish this by renovating your home and making it fit your exact specifications for what you want in a dream home. This could be the right choice if you love your neighbourhood and don’t want to move but need your home to be more aligned with your lifestyle. You can remodel your kitchen and bathrooms to give your home a fresh feel, or you could consider an addition to give your life the room it needs. Additionally, renovating your home will increase its value and give you a major boost if/when you do sell it.
When you own your own home, you have access to opportunities in real estate that those who don’t own property just don’t have. Rather than just leaving your home as is, you can leverage your current home to help you along your real estate journey. If you want to talk more about how you can take advantage of owning your home, contact us and I’ll help you understand all of the options you have available.