"We all know getting your home valued at different points in your life is important- especially if you’re trying to sell or planning to sell in the future, but most people don’t realise you need to re-value every 6 months or so to really reap the benefits."
The market can change quickly
The valuation you got 6 months ago likely isn’t even accurate at this point, with the market being a major consideration in your home value, which changes all the time. If you are planning on moving, or want to know the up to date information to make an informed decision, it’s time to get a new valuation done.
To build equity
The beginning of a new financial year is a good time to get a revaluation done on your properties. If you haven’t had a valuation done for a while, you may find the increase in the value of your property has created enough equity for a deposit on another property. I’m by no means suggesting you leverage yourself to the hilt, but it is useful to know how much equity you have, particularly if you were thinking of buying an investment property anyway.
Are you considering some major renovations?
If you are, it’s also a good idea to get a property valuation to work out whether or not you might be over capitalising. If you find a good valuer or estate agent, they should also be able to tell what kind of additions will add value to properties in your area, rather than take it away.
Making renovations to your place because it’s something you really want – like a walk-in wardrobe - is all well and good, but it doesn't hurt to keep in mind the potential resale value of your property. Making a walk in wardrobe out of a third bedroom could detract, rather than add, to the value of your property if you live in an area where demographics are weighted towards families.
Re-Mortgaging your property
A preliminary valuation can help you work out what percentage of your property you own, and whether you can get a better deal. If your mortgage is up for renewal, you should definitely know the value of your home to give to them and negotiate a good price. They will double-check the value, so ensure you get a professional who will give you an accurate one.
So, what’s holding you back? Get your new home valuation and stay up to date with your options.