The past year has seen home values increase at a rapid pace, spurring stiff competition in the homebuying market.

And while potential homebuyers continue their search amid these conditions, higher home values are proving beneficial for another group of people — homeowners with record high, tappable home equity who have no intention of moving.

Increased home equity opens many doors for homeowners, from improving their living space or outdoor property to paying off higher-interest debt.

Here are a few ways you can tap into your increased home equity to improve your property, boost your finances or support your local community.

Invest Back Into Your Home

If you’ve been thinking about a home improvement project or larger-scale remodel, both are great ways to use your increased equity to invest in your home.

If you are looking at a larger project, a home equity installment loan would give you a lump sum up front to spend on your project, then have predictable, fixed payments and terms over an agreed upon period to pay it back.

For smaller projects, especially if you have several that you will be starting and completing over the course of time, a home equity line of credit (HELOC) might be a fit, using your equity for a revolving credit line, like a credit card, that you can dip into when needed over a longer period.

Home equity loans and lines of credit are not one-size-fits-all solutions, so speak with your banker to determine which option is best for your project.

Build Your Back Yard Oasis

During the pandemic, many of us discovered new ways to use our homes, such as office spaces and classrooms, and devoted a lot of focus and resources to the inside of our properties to accommodate these lifestyle changes.

With the weather getting nicer, now is a great time to turn your outdoor space into the backyard entertaining oasis of your dreams!

Pulling from your home’s equity is a great way to fund DIY landscaping and hardscaping projects, hiring a professional landscaper or patio or deck contractor to do the work for you, or to even put in a pool or jacuzzi.

Support Local Businesses

When funding any of these projects, don’t forget to shop local. Local small businesses continue to need our support, and by doing so we are all in turn contributing to local economies during a time when inflation has a strong grip on many peoples’ everyday finances.

Investing in our communities and businesses of all types creates a virtuous financial cycle that benefits everyone.

Conduct a Financial Spring Cleaning

Even if you are settled with your home, inside and out, using your equity to bolster your personal finances can be a good long-term move as well.

If you have revolving credit card debt, now is a good time to pay it off using a home equity loan or line of credit, especially with interest rates expected to rise as the Federal Reserve looks to stave off inflation.

However you choose to approach using the equity you’ve built in your home, it’s always a good idea to speak with your lender and tax advisor to determine the best fits for your needs, financial situation, and to understand any tax implications.

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Candice Caruso is Senior Vice President, Chief Retail Lending Officer at WSFS Bank. She brings more than 20 years of experience in the financial services industry, including 12 years as a business funding expert, and has been featured on Bloomberg Radio, CNBC’s Closing Bell, The Wall Street Journal, and Franchising World.