We adore our readers enough to tell you that knowing your home’s value on today market is crucial to your financial picture!
The biggest investment most of us will ever make is the purchase of property. Whether you purchased it last year or 20 years ago, the value can dramatically change over time. When you’re a homeowner, it’s important to keep abreast of trends, forecasts, and property sales in your area. Not knowing can put you in the same category as the vast majority of homeowners who either underestimate or overestimate what their properties are worth. Whether or not you’re planning to sell your home now, in the near future, or not at all, it will always be beneficial to monitor the value of your home(s) because it/they has a direct impact on financial planning, borrowing, insurance, home improvement plans, and the best time to sell.
Before making any major decisions, it’s is always a good idea to assess your current net worth. Knowing the current market value of your property means you can determine if you are in negative equity or have made capital gains. This information is really important when making significant life choices, approaching banks for a loan, switching credit cards, re-mortgaging your property, investing in rental or vacation property, or starting a new business. It is particularly useful to know how much your home is worth when you are planning to retire, downsize to a smaller home, or you hope to buy a bigger property in the future.
If you’re thinking of making home improvements to your property, either for your own benefit while living there or to increase the value of your home before putting it on the market, it’s important to know the current value of your home and of similar sized properties in the area. Is your already one of the highest valued properties in the area? Investing a significant amount of money into home improvements for the purpose of selling may not yield a profit. It may actually put you in the red and you’ll end up owning money.
Depending on the loan, a bank may or may not send out an appraiser. You need to know it’s current value for yourself before there are any surprises Getting a current market survey, which takes all the factors into account in your area is your safest course of action. Find a local Realtor that you trust for advice before making any changes. They will be able to advise on the best way to make the most out of your investment.
Many homeowners make the mistake of using the original purchase price or current market value of their property when getting a home insurance quote. In most instances, this will result in much higher monthly or annual premiums. Instead, you should use the rebuilding cost of the property – i.e. how much it would cost to rebuild if it were destroyed by fire – when renewing or taking out a new buildings insurance policy. Related to this, most people actually underestimate the value of their belongings for contents insurance, so be sure to take your time with calculating how much it would cost to replace everything you own, including things like CDs, records, clothes and shoes, cushions and curtains, etc.
Selling Your Home
This is most obvious situation when you would need to know how much your property is worth. Keeping track of the value of your home over the years means you will not be disappointed or surprised if it turns out that your property is worth more or not worth as much as you thought. This is particularly unpleasant news if you had set your sights on a larger property or a home in a more expensive area, only to discover you can’t afford it. By always knowing the value of your home, you can plan and save accordingly for a future move that requires more significant investment and avoid being disappointed.
Conversely, if the value of your home increases more than you had predicted, you will have more options than you originally thought. This has been the case for a lot of homeowners as the market has shifted. You may choose to sell when you had not been considering it, or move a little sooner than planned because of high property values and demand from buyers. This puts you at an advantage especially in today’s market where mortgage approvals are up and interest rates are still incredibly low. This can be a really great time for anyone thinking of selling or hoping to make significant capital gains from their current property.
Arrange a Free Valuation
Step 1. Click on the Free Home Valuation Link
Step 2. Enter your address
Step 3. Fill out the information about your home.
We’ll do the work for you and contact you for a time to go over your home and what your home value is in real time.