Do you know the up to date value of your property? Find out now!
When did you last check the value of your property? Read this article to find out how often you should get an up-to-date valuation of your home.
The property market is fast-moving and ever-changing, influenced by a myriad of economic factors such as interest rates, inflation, and local market conditions. These factors, largely out of everyone's control, contribute to the volatility of property values and the equity we have tied up within them.
But unless you are planning to move, why should you care? Why would you need to know the value of your home until you want to sell it? Here's why:
The market changes frequently, and with a fluctuating market, the value of your home changes. To keep on top of your home's value, you should have an updated valuation every 3 - 6 months.
By staying updated with the value of your property, you are in control. Whether you are considering a move, remortgage, equity release, or downsize, having a clear idea of your home's value empowers you to make informed decisions. For instance, knowing your property's value can help you obtain better mortgage rates or decide on the right time to sell or invest in home improvements.
Knowing the equity in your property is as important as knowing the balance of your bank account. It's a key factor in making sensible decisions about any future plans you may have. If you have no idea how much equity you hold, you could negatively affect your ability to get the best remortgage rates, as the loan-to-value ratio will be incorrect.
So, how can you keep up to date with the value of your home? Should you dedicate an hour or so to meeting with your estate agent every quarter? Should you ask them to visit the property to give you the figure? That would take up lots of your time and your agents'.
You could, of course, have a phone call with your agent. A quick chat with the same valuer will keep you abreast of the market conditions and the impact that may well have on the value of your home. Speaking to the same agent because they will be familiar with your property and you as a client.
However, arranging valuations or booking appointments with an agent can take time and effort. Fortunately, there is a quick and simple solution that can save you time and hassle: online valuations. They are a convenient and efficient way to keep track of your property's value.
While online valuations are a convenient and reliable tool, it's important to note that they are based on algorithms and may be slightly less accurate than those of a real-life estate agent. They can provide a good estimate, but for a more precise valuation, especially if you're considering a major financial decision, it's advisable to consult a professional.
Now armed with a flexible way to check your estimated property value, you can be sure of the amount of equity and the state of the housing market and make informed and logical decisions about your finances and future property moves.