As they say, knowledge is power. And that’s become a cliché precisely because it rings true – especially in cases such as knowing the value of your property.
Being aware of the value of your home opens you up to plenty of opportunities. Often, it is necessary information that you need to make the right financial decisions. Regardless if you are interested in buying or selling, below are several benefits that come with knowing the dollar value attached to your real estate investment.
Selling your home
One of the first steps in selling your home is getting a valuation of your property. The appraisal gives you an idea of how much you can sell your home for. Moreover, it can give you a clearer picture of how your property stacks up against the real estate in your neighborhood. This information will help you determine your listing price. If your home is already in the higher range in your area, pricing it slightly over or a little under its market value can determine how long it might take for buyers to come knocking.
Knowing your net worth
Your net worth is the value of your assets minus your liabilities. For most people, a huge part of their net worth is influenced by the value of the real estate they own. Knowing your net worth can help you steer through important financial milestones like buying a second property, upgrading your car, or taking out a loan.
Planning your will
The idea of death and divvying your assets to your loved ones might not be the cheeriest of thoughts, but it is something that you have to prepare for. Appraising your property before any eventuality allows you to apportion and bequeath your estate among your chosen beneficiaries.
Preparing for retirement
Even if you’re relatively young, you should already be preparing for retirement. The first step is knowing exactly where you stand financially. Being aware of the value of your home helps you make important financial decisions right now. For instance, would you rather carry a mortgage till age 75 or live off of your hard-earned pension debt-free?
Choosing home improvement projects
More than creating a more comfortable space for your family, improvements can affect the value of your home. As such, choosing to get your property appraised can determine if a home renovation is a good investment at any given time. If your home is already appraised higher than the average value of the homes in your neighborhood, then extensions or renovations won’t make much of an impact on your property’s value.
Appealing your property taxes
Higher property values come at a price. The higher your home is worth, the more you owe the government in property taxes. Nevertheless, having your home appraised by a third-party professional can give you a reason to appeal your property tax assessment.
Discovering the true value of your home isn’t complicated if you leave it to The Noel Team. We can inspect your Colorado property and give you a credible estimate. Contact the team today to learn more about how you can get this information. Call 303.774.9400 or send an email to sjnoel(at)remax(dotted)net.
