Do you know the current value of your home? If not, it’s a good idea to check now, and make a habit of tracking it at least once a year. Even if you love your home and are set on living there for the next 5, 10, or 20 years, there are several good reasons to tabs on your property value–some of which have nothing to do with plans for relocation. Remember that your home isn’t just the place you return at the end of the day or create memories with family and friends–it’s a major component of your long-term financial fitness. Knowing how much your property is worth (as well the trend in valuation over time) can help you plan for retirement, home improvement projects, and know what amount of cash is available from a home equity line of credit at any given time.
On the other hand, if relocating and selling your home are included in your plans for upcoming years, it’s all the more important to watch the trend in your property value starting a few years in advance of when you want to sell. Why? Timing. If there is a rising demand for homes in your area, you don’t want to miss your shot at getting an exceptionally good offer for your home.
Now we’ve reviewed why it’s important to routinely check the value of your home, here are 4 methods you can use to do so.
Get a rough estimate with online resources
Of all your options to determine the value of your home, this is the fastest, most convenient, and almost always free. Many home listings and real estate agency sites will have a feature that calculates an estimate for your property value from the address of your home. While not as precise as an appraisal, for example, an online quote can provide valuable context and insight as to how your home compares to the rest of those in your zip code. In addition, it’s a great tool to monitor buying and selling trends throughout your neighborhood.
Rana Khanjani, MBA
San Fernando Valley Iranian-American Real Estate Agent
Providing Services in English and Farsi
Address: 22020 Clarendon St. 200, Woodland Hills, CA 91367