5 Key Benefits of Getting a Home Valuation for Homeowners

 

Today I'll be talking about home valuations, and there benefits.  Even if you are not planning to sell, these valuations can come in handy.  Here is why.

Accurate pricing, other than getting an appraisal on your home, the second best way to accurately price it is through a Realtor.  This can be helpful if you are thinking of selling, refinancing, or even getting a home equality line of credit.

Just know if you do go to refinance or get a home equality loan, the bank or financial institution will perform their own valuation.  It could be higher or lower than the valuation given by your Realtor, but it shouldn't be off by very much if anything.

Speaking about equality, an valuation can help a homeowner assess the equality they have in their home.  This can prove to be useful if you are thinking about renovating.  How much equality do you have to borrow against?

Understanding the equality in your home can mean the difference in getting that new kitchen.  You may think you have enough, but until a valuation is done, you won't know for sure.

Did you know taxes are based on a property's assessed value.  The assessed value of a home is supposed to be 70% of it's market value.  If you think your home's assessed value is inaccurate, you can file a complaint with the town.

Having a home valuation that defends your claim can go towards helping you win your case.  For example if you have an assessment of $175,000, that means the town is valuing your home at $250,000.

If you have a home valuation done, and it comes back valuing your home at $200,000.  Technically your assessment should be $140,000, and that should be the number the town uses to determine your taxes.

A home valuation can also determine areas of improvement.  After your Realtor creates a home valuation for you.  You can ask, what do I need to do to improve that number.

Most of the time, the answer will be updating the kitchen or bathroom unless those areas have already been updated.  Another tip for creating value would be to knocking down walls and opening up your home.  Just make sure the additional equality out weighs the expense.

Finally home valuation help with estate planning.  If you inherited a home, you want to know its value.  Especially if you aren't the only heir, you'll need to know an amount to divide. 

Usually in these scenarios, the home has to go up for sale, and be sold before money is divided amongst the heirs.  Nobody should put a house for sale without first consulting a home valuation.

Even if you don't plan to sell, what you inherited, and instead would like to donate it.  Wouldn't you like to know the value of what you are donating?  At the very least I have sure the charitable organization would.

There are several other reasons to get a home valuation, and if you would like to know more, Contact me.  Until then I hope this article proved to be useful.