You might be curious to know how much your home is now worth given the recent marked increase in property prices.

More than simply fulfilling your curiosity, professional appraisals can add value to your home. Here at Lands we have come up with 5 reasons regarding the importance of knowing what your home is worth.

Understanding the Market

Is now the right moment to sell or should you hold off? Is selling even on the cards? You can generally get the answers to these questions with the use of an appraisal. Knowing the current condition of the market and your home's anticipated sale price can help you make an informed decision because the real estate market is constantly experiencing peaks and troughs.

Downsizing?

You might be considering downsizing if your children have left the house or you're getting close to retirement. The amount you can afford to spend on your next home and how much, if any, you'll have left over will depend on how much your house will sell for.

Upsizing?

Maybe you purchased what you could afford at the time, but now that your family is expanding or you just need more space, you need to upgrade. The amount of the deposit you'll need for your future property will depend on how much your house might sell for.

Decision Making

Knowing how much your house is worth might aid in making decisions. Is it smarter to improve your current property rather than sell it? Or even demolish it and start over? There are some areas where overcapitalising (spending money) on your house is not worthwhile, and there are other areas where it is when it comes time to sell. If in question, it would be wise to discuss this through an appraisal.

Investment Potential

Your home's equity is, to put it simply, the difference between the price you paid for it and its current value. Equity is incredibly helpful because you can utilise it to purchase a second house, whether it's for rental income or personal usage. Additionally, equity enables you to borrow against your house and use the profits, for instance, towards renovations.

If you would like to know what your property is worth in the current market, reach out to the friendly team at Lands for a free appraisal.