HIDDEN FEES TO BE AWARE OF WHEN PURCHASING A HOMEPurchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don't forget there will
A Question You Definitely Need To Ask Whats My Home Worth
Dated: November 4 2013
The answer to that question can be critical to getting insurance, selling your home at market value or getting a home equity loan. Using a home value estimating tool can help you figure out just how much your home is worth.
What's My Home Worth Today?
Whenever you try to obtain an insurance policy or apply for a home equity loan, lenders don't care about how much you paid for it. The only thing that matters is how much it is worth today. If you bought a home for $200,000, you would have negative equity if the home is worth $150,000 today. That would eliminate your ability to get an equity loan while possibly making it easier to get insurance.
What's My Home Worth Compared To Other Homes?
It is important to know how much your home is worth compared to other homes in the area. This is how you will set the asking price when you sell your home. If other homes in the area are worth $200,000, you will want to sell your home for at least that much. Homes that have upgrades or additions may be sold for slightly more than market value.
What's My Home Worth Officially?
Using a home value estimation tool will allow you to find out how much your house is officially worth. This can be used to your favor if you are seeking to pay lower property taxes. It can also help you out if you are trying to use your home as collateral to purchase a second home or to take out any other type of loan besides a home equity loan.
The Value Of Your Home Can Be An Easy Way To Base Rental Value
If you wanted to rent all or a portion of your home, knowing the value of your home can be used as a baseline to determine how much you will charge to rent it out. If your home is worth $100,000, you want to charge at least $1,000 a month because you are generally supposed to get at least 1 percent of the home's value in monthly rent.Knowing the value of your home is critical. It can be used to lower your taxes, obtain insurance or sell your house for a fair price. Starting with our free form, you can find out how much your house is worth in a short amount of time.
Let me prepare you a FREE form or a Comparable Market Analysis to give you the exact value of your property.
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