WHY YOU NEED TO KNOW WHAT YOUR HOME IS WORTH:
Whether the Real Estate Market is going up, down or sideways it’s important to know what your home is worth. For most people the home is their greatest source of wealth. History shows us that homes in America double in value about every 20 years. So if you want to build wealth buy a home.
Here are 5 reasons you should know what your home is worth.
Let me say this before moving on. Most online, free home value offerings are at best only about 80% accurate. It is virtually impossible for anyone to give you an accurate value on your home without seeing the property and meeting with the homeowner.
Get Your Home Value Free:
Many fulltime Realtors, like myself are willing to come visit your home and put togehter a Home Value Report. Let me say this. The experience and local knowledge of the Realtor is key in getting an accurate value estimate on your home. Would you go see someone who just started medical school for a serious sickness?
Get an Appraisal:
You can also hire an appraiser. For a basic appraisal on a single family home in a neighborhood the price will be about $500. For this investment, you get an opinion from a licensed professional appraiser that does home values for a living for lenders making home loans. It’s will be pretty darned accurate!
5 REASONS FOR KNOWING WHAT YOUR HOME IS WORTH:
1) HOME IMPROVEMENTS
Knowing the value of your home should determine if there is a reasonable return of investment on the improvements you are considering. Also, the home values in your neighborhood has a huge effect on dollars spent on improvements. If you live in a neigborhood where the top selling homes are selling for $200,000. You wouldn’t want to make improvements that pushes that price point limit or the ROI will be lost.
Knowing the value of your home can give you excellent knowledge when interviewing possible lenders for a refinance.
3) OBTAINING CASH OUT OR A LINE OF CREDIT
Getting a line of credit, for some folks is a way to finance home improvements or catastophic issues. Remember when you take out a line of credit on your home, you’ll not be able to do it again and it usually increases your payments.
4) PROPERTY TAXES
Tax appraisal districts do adjustmetns to your home value periodically. It’s good to know your market value to compare to the taxed value.
5) HOMEOWNERS INSURANCE
This is really important especially in todays rising real estate market to make sure you aren’t under insured. If your home is destroyed by a tornado and you are insured for $200,000 and it’s replacement cost is $300,000. That’s going to really suck.
SCHEDULE YOUR IN HOME CONSULTATION AND GET YOUR REAL HOME VALUE
CALL OR TEXT ME 817-932-4900