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Well, although you may not be looking to sell your property yet getting your property evaluated will help you gain important information about your property. In fact, a property valuation can be a helpful to know the actual worth of your principal asset.
When you want to consider a renovation project for your home such as adding a new pool or backyard area or home interiors, a property valuation becomes imperative. Property renovation process can get pricey and it is essential to keep an eye over the budget so that you don’t overcapitalise (for instance, it’s not a wise decision to add a modern swimming pool to a house property that is having a low resale value). You can get your property valued from a reliable property valuer and ascertain the accurate value of your property.
If you want to buy a second property just for investment purpose then your equity in your primary residence can act as the collateral for the purchase. Generally, banks will lend over eighty percent of the purchase price of an investment property when you use your primary residence as collateral. A property valuation will let you know how much equity you possess in your primary residence, and accordingly how much loan you will be able to acquire for buying your second property.
If your home property is mortgaged and your original loan term is ending or you’re looking to switch products or lenders, a property valuation becomes crucial. Depending on the lender and your own preference, a property valuation can be performed either through a property valuer of your lender’s choice or a third party. You may want to switch to a loan product that provides a lower rate of interest that could result in significant savings eventually, change an interest-only product for a principal and interest arrangement. If your property valuation suggests that your LTV (Loan-To-Value) is at least eighty percent, you will be in a better position to discuss the terms.
Over the past decades, real estate market has seen a firm growth, which means, in all likelihood, your home may have accumulated value. In case, your home hasn’t accrued value, once you know your home property’s value, you’re in a better position to make financial decisions moving forward. In addition, a valuation will facilitate you to make a will that hands-out your property as per your wishes.
You can opt to have an informal or formal property valuation depending on the purpose of the valuation. If you just want an estimate to know your property’s net worth or find out whether selling would benefit you financially, a real estate agent can normally provide you with decent approximation about your home property’s value on the open market. If financial institutions need to perform a mortgage or refinance, they will organise valuations. Finally, you can also hire an independent, qualified property valuer for evaluating your home property.