As a homeowner, your house is likely the largest investment that you own. You will, of course, want to do everything you can to maintain your property value, at least up to a certain point. In some cases though, you may be in a situation where verifying the current value of your home would be a good idea. Here are some of the scenarios where you might want to consider getting a real estate appraisal for your home.
You Think You Are Paying Too Much Property Tax
Every homeowner has to pay property taxes and that amount is based on the value of your home. But do you have reason to believe that the value of property in your neighborhood has gone down in recent years? If you are still paying property tax on your old home value, a real estate appraisal can give you the ammunition you need to contact your local government and make it clear that your tax bill or assessment should be lower.
You Want to Refinance or Take Out a Home Equity Loan
Refinancing your home or taking out a home equity loan are both options you can use to help get your financial situation under control. But if it's been a number of years since you took out the initial mortgage, you will need to get an appraisal to make sure your home value is accurate before you can move forward. In fact, in most cases, the company giving you the refinancing offer or home equity loan may require it.
You Want to Sell
If it's time to sell your home and you know the property value has gone up significantly since you first purchased it, it's a good idea to get some official verification of this fact. You can then list all of the features or additions you've made to the home and state that you've had a recent appraisal right in the listing. This will give potential buyers more confidence that they are getting good value for their money.
A house with an appraisal will lead to a more accurate and competitive starting list price. It could also help you attract a buyer more quickly so you can move on with your life.
A real estate appraisal is a great way to verify the current value of your home. This could help you sell or refinance your home or adjust your tax bill. Contact a local real estate appraisal expert today for more information.