In the real estate industry, it is inevitable that the value of your home will change over time. The city of Surrey and Langley will send you yearly assessments for tax purposes that give you the most accurate assessment of your home. There are many opportunities available when your assessments increase.
Assessments are also an important part of understanding the market when interested in investment property. Get to know the Surrey area well and watch for assessment changes in different locals. Here are a few other tips for real estate investment in Surrey.
Here are four reasons you should monitor the value of your property:
- It allows you to make changes with your homeowner’s insurance
With your homeownership, you’ll be paying for insurance to keep you and your investment protected. If you found out that your home value has increased significantly, this is the best time to reevaluate your insurance policy.
If it’s undervalued, it means that you’re not covered for the cost of your home’s full value should something happen. Look into your dwelling coverage or the estimated cost to rebuild the house. You need to ensure that you’re getting precisely what you pay for, which is why it pays to check your home’s value as much as you can.
- It lowers your taxes
When checking your home’s value, you might be surprised to find out that it’s worth less than you thought. However, there’s a silver lining to this — you can potentially save on property taxes.
If your property’s value has decreased, you can appeal the assessment for a lower payment. Albeit tedious, the journey will be worth it. After all, what’s the point of paying more on your taxes for nothing? Check it with the appeal process in the Surrey and Langley area and plan out your approach and any necessary files.
- It helps you understand your equity
Equity is the current market value of your house minus the outstanding mortgage balance. When you check on your property’s home value today, you will be able to understand equity and your finances better, especially if you’re thinking of moving. When you know the value of your property, you can quickly sell the home when you consider the difference between home equity and your home sale.
If you plan to sell your home here are some great tips to sell your home in the Surrey Cloverdale and Clayton area. You may also be interested in investing in property, monitoring home assessments in the area is a great way to gauge when to purchase an investment property. Here are a few tips when looking at investing in a home in Clayton Heights.
- It helps you understand the best time to sell your home
If you plan to sell your property, checking your home’s value regularly will allow you to solidify your decision. When you are 100% ready to sell your home, checking your home’s value will give you an idea of trends, growth, or slowdown in the real estate market. Because of this, it will help you choose the best time to sell your property. You will want to be sure that you’re getting the right amount for your home, and timing plays a significant role in this.
At this point, you now know why you should make an effort to check the value of your home regularly. Although you don’t have to check it every day, keep notice on a yearly basis to stay up-to-date. Today, various tools will allow you to create a real-time home value estimate based on the current trends in the market.
Moreover, keep in mind that checking a home’s value regularly isn’t just for homeowners who are planning to sell soon. Even if you plan to stay in your home forever, you can benefit from keeping up-to-date with your home’s current value.
We’re one of the top realtors in Cloverdale. If you want to find out how much your home is worth, get in touch with us today to see how we can help!