Many property owners believe that they only need to know the value of their home if they are considering selling, but discovering the value of your property has a variety of purposes. From impacting the type of home improvements you make, to informing your insurance policy and simply satiating your curiosity – here’s why it’s important to know the value of your home:
If you are looking to move house, one of the first things you need to do is know the value of your home. This not only informs what your property will be listed for, but directly impacts what you can afford for your onward purchase, which is especially important if you are looking to purchase a larger home or a home in an area that has greater demand, as these units will likely be more valuable than your current property. Understanding the current value of your unit will let you know how much of your savings you will have to use on your onward purchase, and can inform you of the approximate price range you could afford for your next home. If you are downsizing or looking to acquire equity from your home, knowing the value of your home is vital to understand how much money you could possibly get from the sale of your property.
Even if you are not considering selling your property, it is still important to know the value of your home to determine whether letting out your property would be a viable option. This is particularly important for those with buy-to-let portfolios who may be wondering whether selling or letting their property is the best option to suit their needs. Additionally, if you are considering remortgaging, you will have to know the value of your property – not only will this form a core part of your remortgaging application, but you could gain access to more preferable products and deals based on your most recent valuation.
The value of your property is a factor that is considered when it comes to taxation such as wealth tax, ground rent or property tax. Furthermore, if you are looking to change or renew your property insurance, it is imperative that you acquire a reliable valuation. If you underestimate the value of your home you may risk having inadequate cover in the event of a substantial claim, yet if you overvalue your property you will end up paying a premium for your insurance.
Whether you’re looking to add a lick of paint to your living room, want to add an extension to your property, or are considering landscaping your garden – there are plenty of options you can undertake to add value to your home. However, the existing value of your home can significantly impact what improvements you make, with some additions and amends to your property being of more value to than others.
Upon valuing your property, your local estate agent will be able to provide you with tailored advice regarding whether small or large scale home improvements will be beneficial to your property value in the long term, and can advise you of the best improvements to undertake to maximise the value of your home. For example, considering the current cost of living crisis and surge in energy bills, the most beneficial additions to your property may be solar panels, heat pumps or window replacements as opposed to loft conversions and conservatories.
The property market is constantly evolving and responding to factors such as the cost of living crisis, disparity between supply and demand, and changes to mortgage rates. As such, it can be hard to keep track of what the current value of your property is at any given moment. Furthermore, instant valuation tools don’t provide the level of accuracy required to make a suitable judgement on the value of your property – they can give you a rough estimate, but can’t take into account the unique factors that determine the precise value of your property. By contacting a local property professional that has a wealth of knowledge about your neighbourhood and demand for properties in your area, you can satiate your curiosity to know the value of your property by obtaining an accurate, tailored valuation.
With Centrick’s team of local valuation experts covering Birmingham, Solihull and Nottingham, obtaining a quick, simple no-obligation valuation of your property has never been easier. Whether you’re offloading parts of your property portfolio, considering moving house, or are simply curious about the value of your property in a quickly evolving market – Centrick is here to help. Fill out the form below and a member of our team will be in contact with you to arrange a valuation of your home.
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