Many homeowners don’t think twice about how much their homes are worth unless they’re getting ready to sell.
Regardless of whether you plan on selling your home in a few months or you want to live out your final days there, knowing the value of your home is critical for many reasons. And if you’re not sure about how much your home is worth, it’s time to schedule a home valuation with The Estrada Agency in Orange County. In our last blog, we touched on a few instances — apart from selling your home — when you need to know its value. Here are a few more:
#4. Property Taxes
The amount of property taxes you are required to pay is determined by the assessed value, which is determined by the city, state or county and based on the historical sales of properties similar to yours in the area. If the assessed value of your property is too high, you’ll end up paying more property taxes than necessary, and no one wants that. If you feel your property was appraised inaccurately, you can often get a third-party assessment, which you can use to appeal the tax assessment and hopefully lower your property taxes.
The coverage you get from your homeowner’s insurance is based on the appraised value of your home. This figure is used to calculate how much coverage is needed for the replacement cost or actual cash value of your home. If you’ve renovated your home or made other improvements, or if the property values in your area have risen and you believe your home is worth more than the appraised value, a second home valuation can help to ensure that you have the coverage you need.
The two main reasons why homeowners renovate their homes are to make the home more comfortable or to add value to the property. If you are planning on remodeling because you want to add more value to your property, getting a home valuation ahead of time will help you learn where you stand and whether or not a renovation will help you get the value you really want.
#7. Estate Planning
Knowing the value of your home is a key part of the estate planning process, especially if you’re hoping to pass your home onto your children or other family members when you’re gone. A home valuation will help to ensure that your property is fairly distributed based on your wishes.
For home valuation in Orange County, choose The Estrada Agency.
Whether you’re planning to remodel your home, you believe your property taxes are too high or you are considering taking out a home equity loan or line of credit, you’ll need to know the value of your home in order to do so, and The Estrada Agency is here to help. Getting started is quick and easy. All you have to do is fill out our simple form online, and one of our experts will contact you. Or, you can contact us! Get started today!