Home re-appraisal

[BREAKRZ]

In 2003 I purchased my first home and had it appraised by the bank for a HELOC. My question is 13 years later along with a 300% increase in the homes value, should i get it reappraised to qualify for a greater amount on my HELOC?

I don't have any immediate plans to purchase another rental property at the moment.

 

[Tyler - Picket Fence Properties]

If you were going to refinance without immediate plans I would say no. However, given that you don't pay for what you don't draw on a HELOC there is really no reason to not have that increased availability.

 

[Thomas Beyer]

Yes you should ABSOLUTELY get an appraisal and the maximum HELOC the bank will give you. Then you should educate yourself how to invest at 6%+ (for example in income producing real estate, dividend paying stocks, REITs, lending or private equity) on money borrowed around to sub 3%.

The path to wealth creation is to borrow cheap and invest at double to quintuple the borrowing costs.

 

[BREAKRZ]

Thanks guys!! I'm looking into it.