How much is your property currently worth? It’s a question that not many people know the answer to, unless their house is currently on the market or has just been purchased. But, nevertheless, it’s something you should have the answer to at all times.
Knowing your property’s current worth is important for a couple of reasons. It dictates the amount of money you’re paying in property taxes each year, determines the legal definition of your home’s value and can have an impact on how much your investment in that property has appreciated or depreciated since the last transaction.
Evaluation versus estimation
Many people think that the best way to get an accurate assessment of their property value is to look it up on a real estate website. Often, these sites will have a variety of public information available, such as the selling values of the property over the last several decades, the appreciation/depreciation trends over the last few years and more. Unfortunately, all of this only amounts to an estimate of current worth.
Others turn to real estate professionals for a valuation. Again, however, this is an estimate—it’s what a real estate agent thinks your house will sell for on the open market. This is a subjective number and can vary greatly from the true value. Moreover, the sale price of a home will need to pass appraisal, which means a realtor’s figure is ultimately at the mercy of a land appraiser.
To get a true valuation of your property’s worth, you’ll need to speak with a real estate appraiser in Napa County, CA. Only a real estate appraiser has the tools and abilities to evaluate your house in the here and now, instead of just relying on trends and historical data.
How to leverage your property’s value
Having current information about your property’s real value creates a number of opportunities. It can also help you out of some sticky situations—such as dealing with taxes after the passing of a loved one. Here are a few examples of why working with a real estate appraiser in Napa County, CA is a smart idea:
- When a person dies, estate tax is a very real situation that needs to be dealt with. Part of determining what this tax will be means knowing the value of any property passed down. Having a true value of your property will prevent the mess of trying to figure it out at the point of sale.
- Want to get the best market rate for your home in an aggressive housing market? If you know the real value of your property, you’ll have a definitive price point for it. Price it lower for a quicker sale that’s sure to pass appraisal or raise the cost for a competitive bid that will net you some profit.
- Have you performed updates, renovations and modernizations to make your home more appealing? Does that include landscape work and property remediation? Get these appraised for a more accurate annual tax rate or to knock PMI off the top of your mortgage loan.
Information is power, especially when it comes to property. Knowing the true value of your property means being able to leverage that information in a wide range of situations, to make sure you’re coming out ahead.
Categorised in: Real Estate Appraisals
This post was written by Writer