What is my home worth? And why is it important to know?
In most people’s case, their home is their biggest asset, and many are constantly wondering “What is my home worth?” But unfortunately, many don’t know the true value of their home. This is a very important thing to know, especially when the time comes to sell your home.
Over the last few decades, property values have risen and fallen. What’s important to know, is that the value of your property relates closely to the value of other homes in your market.
One thing to know, is that it’s not only a good idea to know the value of your home when you’re ready to sell it. You should know it ahead of time so that it makes the entire selling process much easier. Knowing this information will allow you to get the best price for your home within its market.
Something else you might want to consider would be getting a home equity line of credit, or HELOC. A HELOC is a line of credit that is secured by your home and allows you to have a revolving credit line that can be used for larger expenses.
As your home’s value increases, so does your equity. So the more you’ve built, the larger the loan you can take out. This can come in handy if you have a lot of remodeling and upgrades to do for the home, or if you just have an important purchase to fund.
You might feel like your home is in the best location for you, but when it comes to the market, there are many other things to consider. Most often, these things are; the quality and amount of local schools, job opportunities, and proximity to shopping and entertainment venues.
Having a bigger home can impact its valuation in a positive way. A home’s value is estimated in price per square foot. So for example, if a 2,000 square foot home sold for $200,000, the price per square foot would have been $100.
Updating your home is not only beneficial for you and your family, it can increase the value of your home by a lot. Especially, for older homes that don’t have new and modern features. Upgraded bathrooms and kitchens are some of the most beneficial updates you can make to a home to increase its value. This is because it will save the future buyer a lot of money, time and headache to update it themselves.
When making any updates to your home to increase its value, just make sure it is up to code or else it will show up on inspections. Also keep in mind that the hotter the real estate market, the less important esthetic upgrades are when it comes to selling.
If you’re considering selling your home in the future, finding out the value of your home ahead of time will help make the process go a lot smoother and save you a ton of time. Not sure where to look? Check out our FREE home valuation tool, to help you get an estimated range of your home’s value now! Or you can find out what your home is worth here and sign up for free monthly updates!
Already know the value of your home and ready to sell it? Check out our post on staging your home for ways to make it more appealing to potential buyers.