LWP: 6 reasons you NEED a property valuation

When it comes to buying or selling any property, big or small, it is always important to ascertain the true value. In a highly competitive real estate marketplace, it is essential to evaluate your property so that you do not undervalue or oversell it; this is how we can help you achieve a successful real estate transaction, whatever that looks like to you.
 

A key part of buying, selling, or just owning a house is a valuation from an independent, unbiased professional of how much a property is worth. Conducted by a licensed or certified realtor, an appraisal typically is based on comparable sales in not only the market but your neighbourhood, and a visual inspection of the condition of the home.

These are 6 reasons we recommend you book a (hassle-free, no obligation) valuation today! 

1. Before selling your house

When you actually want to sell a property, it is important to get it evaluated by a licensed professional. This is especially important if you are thinking of a quick sale because you will not have the time to stage your home for potential buyers. A valuation report will give you a realistic market rate that will boost your chances of making a sale.
 

2. Refinancing

When you refinance your property, you're actually replacing your old bond with a new one because your home's value may have changed since you first bought it. For that reason, lenders will require a new valuation to ensure the new bond amount can be justified considering the property's updated value. For example, if the property's value has increased since it was purchased - such as with renovations or solar upgrades - you may be able to get cash out as part of refinancing. However, if it has declined, you may have difficulty securing a new loan.
 

3. Appealing tax assessments

Property taxes are calculated based on the fair market value of your home. If the value of your home listed on your rates and taxes bill appears too high - if housing prices in your neighbourhood or city have declined, for example - you may be able to appeal the assessment with an independent valuation. 
 

4. Expanding Your Investment Portfolio or Further Loans

You can use your primary residence as collateral when looking for a loan to buy investments and assets. This is because property is a strong form of equity. The biggest advantage here is that most financial and lending institutions are ready to lend you more than 80% of the purchase price when you use your primary property as collateral. Conducting an evaluation for your property lets you know the state of your home equity. This will then inform your decision to either build or diversify your portfolio.
 

5. Better Financial Decisions

Because of the fast-rising cost of living, it is very easy to feel overwhelmed and put our heads in the sand! Of course your financial situation and general economic well-being will make you worry about your future... but this doesn't have to be the case. The EXCELLENT thing about real estate is that - depending on market trends and property improvements - it appreciates in value over time.

This means that when you value a property, you will know the value it holds for your future. Going forward, it will give you the ability to make sound financial decisions and peace of mind.
 

6. Justifying Renovation

Before undertaking any form of home renovation, it is important to know the actual value of your property with a valuation, because when you know the value a property holds, you will make more informed decisions when it comes to making improvements. Ultimately, these can positively - or negatively - impact the resale value of your asset.

For example, if your valuation report indicates that you own a low-value property, then it would not make sense to install a high-end swimming pool. On the other hand, a higher-value house requires much more sophisticated and polished modifications.
 

Get the most out of your appraisal

Consider providing information that helps the estate agent make an accurate estimate of the home's value. Gather information about the sales prices of nearby homes and details about your property and neighbourhood that may not be readily apparent - such as a larger lot or a new school within walking distance. If this sounds like work, just choose an LWP agent - we're already area experts and can smoothly guide you through this! 

 

So don't hesitate - you can get a commitment-free valuation from one of our experienced property professionals today. Simply reply to this email and we will connect you with your area expert, and put your mind at ease or help you plan your financial future!