Homeowners hold $17 trillion in equity, with an average gain of $28,000. Home equity can be preserved until needed, especially for home improvements or repairs.
Utilizing home equity for major home renovations is considered a cost-effective option compared to personal loans and credit cards, as rates are significantly lower.
While cash is the primary source for renovations, credit card usage has risen. Home equity proves advantageous, but caution is advised due to increased rates.
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