You may think that getting a valuation is something to check off the list right before putting your house on the market, but it’s actually something you should keep on top of throughout the years you live in your home.
Obviously, booking an in-person valuation out of sheer curiosity may be excessive but with our instant property valuation reports, it’s never been easier to keep tabs on the current value of your property.
If it’s been a while since your last valuation, here are some reasons why you should check up on your home’s progress every year.
The market is ever-changing
The property market is in a constant state of fluctuation, so the valuation you got a couple of years ago likely isn’t even accurate anymore.
The market plays a huge role in the overall value of your home, and since it changes fast, an up-to-date valuation is the only way you can start planning for your future.
You’ll find out how much equity you’ve built up
The start of a new financial year opens up a great opportunity to find out your home’s current market value. If it’s been a while since your last valuation, you may find that your home increased in value and you have created enough equity to place a deposit on another property.
Even if you aren’t planning on moving soon, it’s always useful to know how much equity you have. If it’s considerable, it may be worth speaking to a financial advisor about whether equity release is a good option for you.
Related: How can I calculate how much home equity I have?
You can plan renovations
If you’re considering some major renovations, it makes complete financial sense to get a property valuation first.
Without knowing your home’s initial value, you won’t be able to figure out whether your investment is worthwhile. Once you’ve valued your property, you can look into which kinds of additions will add value to property in your area and which renovations are not worthwhile.
Making renovations that will enhance your personal enjoyment of the home (such as a walk-in wardrobe) is a slightly different matter, but it doesn’t hurt to keep the potential resale value of your property in mind.
Related: 10 things you need to know before you start your property renovation
It will help with your mortgage
Even if you have no plans of moving right now, getting your home valued regularly is the key to planning for the future.
You can discover how much your home’s value has increased over the years, and this might give you a clearer understanding of its potential to increase further, allowing you to get some plans in place for the coming years.
Additionally, a valuation can help you work out what percentage of the property you own, and whether you could get a better mortgage deal. If your mortgage is up for renewal, it’s essential to know the value of your home so that you can negotiate a good price.
To find out how much your home is now worth, start your free online valuation now.
