FRIDAY, MARCH 24, 2023
We often underestimate the ripple effect homeowners and businesses can have on local property values. A new grocery store in the area and a handful of fixer-uppers getting repaired can have an enormous impact on the perceived worth of neighboring properties. Because the housing market can change so dramatically in such a short amount of time, a good rule of thumb is generally to have your home reappraised once every two years. But it helps to have the home reappraised a little more frequently than that in some circumstances.
Here are some of those circumstances.
Under Mortgage
If you are still under mortgage, it's a good idea to get your home reappraised once a year. This can come in handy if you ever want to refinance your mortgage or renegotiate with your lender. If you have a home equity of 20 percent or better, your lender may drop several requirements they've placed on you.
You're Making A Major Decision Involving Your Home
Any time you're making a big decision involving your home, you'll want to get reappraised. This can include, but isn't necessarily limited to, the following:
- You're selling your home. This one is obvious. In fact, it's likely to be a requirement of the sale.
- You're looking to get a home equity loan. If you want to get a loan based on the value of your home then, of course, you need to know what that value is.
- You're buying a new home insurance policy. Your insurer needs to know what it is that they're covering.
Repairs And Renovation
Any time you make significant repairs or renovations to your home — from new sinks to new wiring — it's a good idea to get a reappraisal. That way, you know what your home is worth now that you've done a little improvement. It’s always nice to see how a couple thousand dollars in renovation can make several thousand dollars difference in the value of your home.
There's really no such thing as getting your home reappraised too frequently. Whether you're looking to sell, you’re looking to take out a loan, or you just want to see what that new bathtub did to your home's value, it's never a bad idea to figure out what your home is valued at.
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