Why Should You Get Your Property Valued?
Most people only get a property valuation when they are selling their house. This should not be the case, however.
Property valuation includes real estate information on the rates, land and building size, building condition, and physical construction details. Getting your property valued by real estate brokers in Vail, CO is one of the best ways to gain knowledge on your greatest asset.
Here are the reasons you should get your property valued:
To justify your property renovation
Have a valuation done if you are considering giving your house a revamp. Experts say starting with a valuation helps you not to over or under capitalize on your renovation. It makes no financial logic to add high-end renovations to a property that has a low resale value and vice versa.
To fund the purchase of a second property
When investing in another property, you can use your current home equity as your loan collateral. Lenders are typically willing to give you up to 80% of your purchase price when using your first property as collateral. Property valuation helps you determine how much equity you own and whether you are in a state to build a portfolio or not.
To refinance your first mortgage
Property valuation is required if your building is mortgaged and its first loan term is almost closing, or you want to change lenders. It is also a requirement if you are going to change products to one with lower interest rates or substitute an interest-only loan for an interest and principal product. You will have a stronger negotiating power if the loan-to-value is not less than 80%.
Getting the value of your house is also essential if you are writing a will or planning for succession. If you wish to gift your home to your kids after retirement, property valuation determines the stamp duty you should pay. Get a property valuation today.