Determining Your Home’s Worth
As a consumer, you check the balance of your credit cards, checking accounts, and investment accounts regularly to see what’s going on with the state of your finances. But when it comes to your home, are you checking the value on a regular basis to see if its value and your financial stability has increased? Homes are typically the most valuable asset a person can own. But too often, homeowners don’t stay as informed as they should when it comes to the value of their home. Here are some of the benefits of knowing your home’s worth and how you can use your investment to your advantage.
4 Benefits of Knowing Your Home’s Worth
Selling Your Home
There are many things that need to be done when you’re selling a home, but knowing your home’s worth and pricing your home properly are the most important things. You have to be realistic about the market. The last thing you want to do is list your home only to have it sit on the market for months. That happens much more frequently than you would think, even with people that work with realtors. That’s why it’s important to work with an expert like Rosemary Hieber. When you make the decision to sell your home, you want to sell it as quickly as possible so you can get started with your next home. Pricing your home properly based on your home’s accurate valuation will lead to a quicker sale.
Paying for Major Expenses or Debt Consolidation
If you know the value of your home, you can tap into your home equity should the need arise. Home equity is the difference between what you owe on your mortgage loan and what your home is worth. If you know the value of your home, it increases your financial flexibility. A home equity line of credit essentially uses the equity of your home for collateral. You can use a home equity line of credit to do things like pay down a large credit card bill, pay for college tuition, medical expenses or even home improvements.
When you’re trying to determine whether or not home improvements would yield any ROI if you were to put your home on the market, you can simply look at comparable properties in the area. A realtor like Rosemary Hieber can help you look up comparable homes in the area and what they sold for. Let’s imagine your home is valued at $995,000 and you want to do $50,000 in home improvements. You look up comps in the area and the most homes are selling for is $1,020,000. It wouldn’t make sense for you to put all that money into home improvements that wouldn’t yield any ROI, unless of course, you decided you were going to live in your home for the foreseeable future.
The tax assessed value of your home directly relates to your property taxes. When you get your property tax bill, if you think the county has appraised your property too high, you can appeal your property tax bill. Knowing your home’s value, you can look at the tax value of other homes in the area and see if you have a case to appeal the assessment.
Learn Your Home’s Worth Today
When you know the value of your home, you can use that knowledge to your advantage, especially if you team up with an expert realtor like Rosemary Hieber. Rosemary has been serving clients throughout Orange County for more than 20 years and has $275 Million Sold Locally. As the #1 Coldwell Banker Residential Real Estate Agent in Ladera Ranch, her extensive real estate knowledge and experience gives her the ability to help her clients sell their homes for Top Dollar. If you’re looking to sell your home, it’s essential that you know your home’s worth first. Contact Rosemary Hieber to learn your home’s worth and get started with the listing process today.
- M: 949.285.3215