Do you know the value of your home? Even if you’re not selling your home now, knowing your home’s value can save you time later! With residential home values rising as they are, it’s important to know exactly what you’re dealing with.
Here are 5 reasons why you should know the value of your home, and make sure to click the link below to find out for yourself!
Your home’s value isn’t just important for selling, but for choosing the right mortgage refinancing opportunity, too. The value of your home helps determine the size of your loan, whether you’re lowering an interest rate or you need a lower payment.
2. Home Improvement ROI
Have you ever had a home improvement project you’ve always wanted to do but hadn’t gotten around to? Knowing your home value may give you the motivation you’re looking for, or allow you to rest easy. If you’re thinking of selling and your home is priced higher than other homes in the area, you may not deliver the return on investment you’re expecting, so you may want to adjust the scope or cost of the project.
3. Understand Your Property Taxes
Your property taxes are based on the assessed value of your home. This means that your property taxes go up whenever the market is healthy or if you’ve made renovations that increase the value of your home. If you’ve seen a charge in your taxable value recently, you may want to double check that it’s accurate. Need help? Need help?: check out the Contact link below!
4. Get a Line of Credit
Knowing and understanding your home’s value is necessary if you are interested in getting a Home Equity Line Of Credit. Usually, you must have 20%-25% equity in your home to qualify for a HELOC. With home values rising in the current market, it may be worth checking to see if this is a good opportunity for you.
5. Get the Right Insurance
Just like your property taxes, your homeowner’s insurance is based on the assessed value of your home. If your value goes up, then it is likely that you are under-insured. If you have made any renovations or changes that have increased your home’s value, you’ll want to make sure your insurance is updated to reflect your new value. Need help? Check out the Contact link below!
Interested in your current home value? Check out BuyerMax’s “What’s My Home Worth” tool.
Need help? Any of us at BuyerMax would be happy to help: Contact us!