Your home was valued at the time of purchase, but some things may have changed. Have you completed a renovation, tire, new roof or upgraded your appliances? In that case, it may be time to re-evaluate your home. And since the housing market can change drastically during the week or year, it is important to make revaluations.
Not sure when, why or how to get it? Learn more and more about it so that you will be informed when booking your home appraisal.
When to get your home revalued
There really is no fixed schedule when it comes to revaluations. But if you belong to one of these categories, you should consider scheduling one soon:
- When you have a mortgage. If your house is still mortgaged, you should consider a home valuation every two years. The updated value helps with refinancing.
- After making updates. Have you recently renovated? In that case, it is a good idea to do a revaluation at home. Your house value often increases after renovations. And to protect your investments, an updated valuation and insurance coverage provides increased protection and peace of mind.
- When you take out a loan or home insurance. To get an exact quote for home insurance or financing for a loan, you need to know the present value of your home.
- When you'm ready to sell. Put your home on the market? More often than not, it is necessary to get a revaluation of a home before listing it and can help your real estate agent determine a correct listing price.
How to get your home revalued
Revaluations often include an independent professional visiting your home for 30 minutes to an hour. They will look at structure, renovations, maintenance, neighborhoods, comparable home sales and more. They will weigh this information with the current market to choose a valuation. As these are third party individuals, you can trust that their opinion is impartial.
What to do before revaluation
Before revaluation, you should consider prioritizing small maintenance and upkeep projects to increase valuation. Painting, trimming overgrown landscaping, washing the outside, fixing loose buds and bulbs and cleaning can make a difference and drastically improve the look and feel of your home. If you are ready to list your home, staging with updated furnishings and finishes can also increase the valuation value.
If homeowners are dissatisfied with the valuation after the assessment or think that their home was undervalued, it is possible to appeal with supporting evidence and justification. or contract with another independent valuer.
Curious about whether you have enough home insurance coverage for your property? Our experts are here. Talk to one of our local, independent agents today.