By Angel Ella
The market constantly changes and so is the value of your home. Here are some reasons why knowing the current value of your home matters.
Plans to Sell
You may or may not have plans to sell your home right now or the very near future, but knowing the value may help you decide whether you are ready to sell or not. If you know your property value, you can be assertive with the selling price that you have set on your home when you put it on the market.
Planning to Update
If you know your property value, it will help you gauge if you need to do an upgrade or repair. In the future, your upgrades may help increase your home’s resale value when you are ready to sell.
Most of the time, people in the house flipping business finds the most value in upgrading the kitchen and bathrooms. Of course, you want to make sure that your upgrades don’t exceed the value of the homes around your neighborhood.
Financial Flexibility
Knowing your current property value will help you know your home equity – which is your home’s current value minus your mortgage balance. Some uses this equity as collateral for home equity loan or line of credit; it may also be used for payments of debts or to use as cash for purchases, like for upgrades. Some resorts to refinancing to help lower down their interest rates and monthly payments.
Property Tax
Tax assessors determine how much tax you will be billed depending on your current property value. If for some reason you think your tax is way too high for your home value, you may request for reassessment by presenting what you know is your current property value.
Know your Home Worth
If you would like to know how much your home worth in today’s current market is, there are lots of tools online. You may visit www.myhomevalue916.com for a FREE estimate report.