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Three Reasons To Get a House Appraisal, Even if You’re NOT Selling!

By Tamara Lloyd

From my discussions with homeowners and friends it seems that many of you only organise a house appraisal when you’ve decided to sell. However, my advice is to have regular house appraisals, at least every 2 years but even as often as every 12 months. After all, house appraisals are free of charge and can take as little as 20 minutes!   Here are my “Top 3 Reasons” for getting a house appraisal even if you’re NOT selling.

  • I believe it is important to be informed about your net worth at all times. I’ve seen too many friends and family not be informed about their financial situation and therefore miss out on opportunities that would have them in a better financial situation long term.   Melbourne house prices can go up as much as 20% in one year so if you purchased your home 3 or 4 years ago, there is a good chance it’s worth significantly more than your paid for it. To be completely informed about your financial situation and be in control of your financial destiny you need to know what your home and any other property investments are worth.
  • If you are thinking of buying an investment property in the future knowing how much your own home is worth is critical. The banks will look at how much equity you have in your home (ie what you owe the bank v’s what your home is worth). If you have enough equity in your home you may be able to buy an investment property sooner than you thought. Relying on employee paid superannuation won’t likely be enough to live the life you want in your retirement.

If you already own investment properties, you probably already know to get them appraised at least every couple of years   Regular appraisals will help you decide if you’re in a position to buy that next property.

  • If you are thinking you would like to live in the house you’re in till they “take you out in a box” (can’t tell you how often I’ve heard that one!), then perhaps you’d like to make some improvements to your home. New kitchen, update bathrooms, or extend your house to fit your growing family in. Again, it’s important to know what equity you have in your home if you want to borrow extra funds from the bank for these works. It’s likely that the renovations you do will add significant value to the home – sometimes more than the actual renovations cost if you shop around.   So again, this is another great reason to get an appraisal.

So, even if you have no plans of selling we’d love to offer you our free service of an updated appraisal. There is no pressure to sell – it’s just a service we offer. Feel free to call me direct or call one of our experienced sales team on 9725 7444.

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