Realise the benefits of having your property re-valued every 6 months

We all know getting your home valued at different points in your life is important. This is especially important if you are trying to sell or are planning to sell in the future, but most people don’t realise you need to re-value every 6 months or so, to really reap the benefits.

The market can change quickly
The valuation you arranged is unlikely to be accurate if more than 6 months old, because the market (which tends to determine the value of your home) changes all the time. If you plan to move, or want to know the latest trends occurring in the local property market, to make an informed decision, it’s time to get a new valuation.

Guildford has gained from a 200% growth in property values over the last 20 years.

To build equity
If you haven’t arranged to have a valuation done for a while, you may discover that the increase in your property value over recent years, has created enough equity for a deposit on another property. This does not suggest you leverage yourself to the hilt, but it is useful to know how much equity you possess, particularly if you have considered moving, or are thinking of purchasing a property as an investment.

Are you considering some major renovations?
If you are, it’s also a good idea to get a property valuation to work out whether or not you might be over-capitalising your property. If you find a good valuer or estate agent, they should also be able to advise you on what kind of extension or refurbishments will add value to properties in your area, if you have thoughts of adding value to your property before moving in the long-term.

Making renovations to your home because it’s something you really want – like a walk-in wardrobe - is all well and good, but it might be an idea to keep in mind the potential resale value of your property before you proceed. For example, making a walk in wardrobe out of a third bedroom could detract, rather than add, to the value of your property if you live in an area where demographics are weighted towards families.

Maximise your war chest but do not over-capitalise your home compared to others in the area

Re-mortgaging your property
A preliminary valuation will help you work out what percentage of your property you own, and whether you can get a better deal. If your mortgage is up for renewal, you should definitely know the value of your home to give to your mortgage provider; and to support you in your negotiations to achieve a favourable mortgage and repayment terms. They will double-check the value, so ensure you get a professional valuer, to provide a more accurate figure.

So, act now. Get your new home valued to stay informed and up to date with your options.