1. Selling the Home
• To Set the Right Asking Price: Knowing the market value helps set a competitive and realistic listing price.
• To Understand Equity for Upgrades or Relocation: Helps determine how much they’ll net after selling and whether it’s feasible to move or reinvest.
2. Refinancing the Mortgage
• To Secure Better Loan Terms: A higher home value can qualify the homeowner for lower interest rates or eliminate private mortgage insurance (PMI).
• To Access Home Equity: Knowing the value is crucial for cash-out refinancing options.
3. Applying for a Home Equity Loan or HELOC
• To Determine Borrowing Power: Lenders use the home’s value to calculate how much equity is available to borrow against.
4. Property Tax Assessment
• To Verify Tax Accuracy: Understanding home value helps homeowners challenge incorrect property tax assessments.
5. Estate Planning or Divorce Settlements
• To Divide Assets Fairly: An accurate home valuation is needed for equitable asset division.
• To Plan Inheritance or Gifts: Helps structure the estate and determine the taxable value of inherited property.
6. Insurance Purposes
• To Ensure Proper Coverage: Homeowners need to insure their property for its replacement cost, not just its purchase price.
• To Adjust Coverage as Values Rise: Prevents being underinsured if the home’s value increases.
7. Investment Decisions
• To Monitor Investment Growth: Homeowners may want to track their home's appreciation over time.
• To Decide on Renovations: Knowing current value helps evaluate whether planned upgrades make financial sense.
8. Life Changes or Financial Planning
• To Prepare for Major Life Events: Like retirement, downsizing, or helping children with college.
• To Improve Financial Health: Home value plays a big role in net worth calculations and long-term financial planning.
Know Your Numbers.
We have invested in a tool that allows you to track your home value and discover ways to leverage your equity. It provides personalized, actionable insights to help you track and build wealth with your home. Check it out. It’s a valuable tool that is free for you. Information in the report includes:
- Estimated value of your home.
- Amount of equity you have to feel more ready for a storm.
- Amount you’ve paid so far towards principal and interest.
- How much interest payment you can save with a little extra towards your payment.
- If you bought another home or an investment property, how much could you afford?
- If you rented your home as an Airbnb, how much could you potentially earn?
Click below to have these and other questions answered. Learn how your home can help you build wealth and expand your financial legacy.