If you are like most people, your home is you most valuable possession, but do you know how much it’s really worth? If you haven’t checked your home’s value in a while, you may be surprised to discover what it’s worth. Three of our leading Realtors at Northwest Home Team Realty in Tumwater, Washington Here are the Top Three Reasons Why You Should Know Your Home’s Value?
KNOW YOUR OPTIONS
Knowing your home’s worth can help you decide if upgrades or home repairs are a good idea. You want to be sure that these expenses will pay off in the long run. In general, it’s a good idea to make updates and repairs that will increase the resale value of your home.
Projects that have the most financial impact are kitchen and bathroom remodels, as well as upgrades to your roof and windows. If return on your investment is important to you, make sure your upgrades are in line with the value of homes in the surrounding neighborhood. For example, you wouldn’t want to add a lavish pool to a home in a modest neighborhood.
John Reed says, “You may not have immediate dollar-for-dollar return on your investment, but also take into consideration the enjoyment you and loved ones would gain from your upgrades. Over time, you’ll more than recover what you invested.”
KNOW YOUR EQUITY POSITION
Tapping your home’s equity — the difference between its value and what you still owe on the mortgage — can give you more financial flexibility. A home equity loan or line of credit uses that equity as collateral, and you can use them to pay down high-interest credit card debt or get the cash you need for big purchases, from college tuition to medical expenses or home improvements. You could also consider a cash-out refinance, which may lower your interest rate and monthly payment, as well as provide the cash you need. Steve Poulos, owner of NWHT and broker says: “When life throws you a curve ball you are rarely prepared for it, so knowing where and how much money you can get in an emergency can bring some peace of mind.
By knowing the value of your home, you’ll know how much equity you have. For instance, if your house is worth $279,000 and you have mortgage debt of $100,000, your total equity is $179,000.
KNOW YOUR VALUE
As your biggest financial asset, it’s vital that you get the largest possible selling price for your home. When you know the value of your property, you can be confident in establishing a price and sticking with it. Pinpointing the value of your home can also help you decide whether to put it on the market or not.
Realtor Jordan Trapp reminds us, “Knowledge is power.” and we have made getting your hands on this knowledge free and immediate. Just click here to find out how much your home is REALLY WORTH.