WHEN WAS THE LAST TIME YOU HAD YOUR HOME VALUATED
WHEN WAS THE LAST TIME YOU HAD YOUR HOME VALUATED?
Estimating the value of your property is necessary for a variety of reasons, including financing, listing your home for sale, investment analysis, insurance, and taxes. For most people, the number one reason for a home valuation is to determine a fair and reasonable asking or purchase price before listing or buying a home. Listing a home for sale is generally the most common reason for a real estate valuation. Below we will touch on what a home valuation is and why you may need one.
What Is A Property Valuation & What Does It Entail?
A property valuation is an assessment of the value of the property. A valuation should be carried out in person by a professional surveyor. The surveyor will look at similar properties in the area and consider elements such as age, square footage, wear and tear, floor plan, any unique features, area school districts, and local amenities to come to a reasonable, fair, and accurate value. Your surveyor will then send you a detailed report of your valuation. Both buyers and sellers will benefit from a good property valuation.
Why Do I Need A Property Valuation?
Selling – When listing your home, you want top dollar. An accurate valuation will give you peace of mind that you are selling at or above market value.
Buying – Whether you’re purchasing your first home or you’re buying your tenth, you will want to know the accurate value of the home you are considering to avoid overpaying.
Insurance coverage – If you’ve had a proper valuation of your property, you can rest assured you have adequate insurance coverage if something were to happen.
Renovating – Many home renovations boost the value of your home while others cost money and do nothing for the value. Knowing the value of your property can help guide you in making the right renovations and avoid spending on upgrades that may not change the value of the property. A valuation breaking down the condition of each area can help you spend money where it matters.
Retirement – As you begin planning for your retirement years, knowing the value of a property can help you make smart financial decisions, whether this is selling, buying downsizing, preparing your will, or anything else.