Why you need to know your property value

Property is the biggest investment we make in our lives, but apart from when we are buying or selling our home, we tend not to think about our property valuation. Keeping up to date with the value of your home can be very beneficial and open up opportunities you never knew you had.

What is property valuation?

There are several types of property valuations from the municipal valuations used to calculate your rates and taxes to the market value, which most estate agents provide as an estimate of what your property will sell for. Unfortunately, municipal valuations tend to be inaccurate, and an estate agent assessment can be costly if you aren’t considering entering the property market.

Once you know your home value, you can use it in many ways.

Rates and taxes too high?
A property valuation will let you know if it’s worth getting a professional assessment to challenge your municipal charges.
Right-size your insurance:
No one wants to overspend on insurance, but you want to be sure you’re properly covered if disaster strikes. Remember, your insurance valuation only covers the structure and not the property itself.
Access financing:
Your property value may have grown significantly since you first purchased it; opening up opportunities for a variety of short and long-term loans.
Improve without overinvesting:
If you are looking to enhance your home, you want to know that investments you make today will be returned when the time comes to sell.
Make the most of moving:
Whether you’re buying or selling, you want to make sure you’re getting the best price for your home. Knowing the property value will give you a good starting point from which to work.