Why it’s good to know the value of your property – all the time!

A property is worth what someone is willing to pay for it – right? So until we know we want to sell or remortgage, then you might think it’s pointless having a valuation carried out?

In reality, actually understanding how much your property is worth at any time could be, well, pretty valuable! Yes of course we’ve all been on Rightmove or Zoopla to spy on what the neighbours have listed their property at, but do we truly understand the value of our investment and how it could impact our life?

Furthermore when getting a valuation on your home, consider who is actually giving the valuation and what is in it for them!

Here is our list of the top 3 reasons to track your property’s value.

1. To understand your investment: when you buy something whether that be a new car, a TV, iPad etc – you tend to do your research, you will more than likely shop around, perhaps look online at various different suppliers and determine which is the best option for you. The same principle therefore can be applied to house buying. Of course there’s usually the hurdle of securing a mortgage first, but in general people review the market initially to know what they can afford.

After you buy a home understanding the value of your property throughout your ownership will allow you to track your investment and recognise the fluctuations that might have an impact. This isn’t something to fixate on but given that your home is probably the biggest investment you’ll make, it stands to reason that you’d want to keep in touch with what it’s worth, particularly if you make changes to it.

2. You might adapt your property: Most people when moving into a home will make changes, decorating, updating and adding your own stamp on a property are all par for the course. However, when it comes to major changes like extensions, bigger or more bathrooms, loft conversions and major exterior landscaping it could sky rocket the value of your home.
Whilst most people might not want to sell straight after making modifications, having an idea of what the home will be worth once completed will enable you to plan for that next mortgage deal and help you make those big decisions in advance.

3. To be market ready: Knowing when to make the next move for your family could be vital in securing the next best thing. Selling at the right time might make all the difference to the price of what you could afford next and the best way to know that is to be in touch with a property expert and keep in touch with the value of your home.

So having a handle on your property’s value could be important whether you are selling your home or not. Speaking to an independent property advisor could help you receive an honest and accurate assessment of the value of your home and help you plan ahead.