Why Do I Need a Property Valuation?
A property valuation helps you to understand the monetary value of your home. Understanding this value can be beneficial for a number of reasons, including selling your property, taking out insurance and remortgaging. In this article, we will discuss how a property valuation positively effects the outcome of these benefits.
You want to sell your home
Perhaps one of the most common reasons you might need a property valuation is because you want to sell your home. Marketing your property at the right price is very important, as trying to sell it for more than its worth could leave you with no interested buyers, and under valuing it could leave you out of pocket. Property prices change all the time, so it’s important that you have an up-to-date valuation before putting your house on the market.
You’re taking out property insurance
You will also need to have your home valued if you’re taking out property insurance. A current valuation is important here too, as underestimating what your house is worth could mean that you won’t have enough cover should something happen that you need to claim for. Over valuing your property can also have a negative effect as you’ll probably end up paying an inflated insurance premium - which can really add up over the years.
It’s time to remortgage
When your mortgage comes up for renewal it’s likely that you’ll need to have your property valued to meet the lender’s requirements. This can also work in your favour as if your home has increased in value you might find that you’re offered more attractive mortgage products. Having up to date information is integral when remortgaging as you need to ensure that you get a product that’s in line with how much your property is worth.
If you’re interested in finding out more about how property valuation works, or need to have your property in the Andover or Whitchurch valued for any of the above reasons, contact Graham & Co. today and we’ll be happy to help you.