How Often Should You Get House Valuation Report



How Often Should You Get House Valuation Report

Your home is one of the most valuable assets, and knowing its value is equally important. Regardless of whether you are purchasing or selling a home or its out of curiosity, a house valuation is an essential tool when getting into property management.

Given how fast the real estate market can change, it is crucial to stay updated with the right valuation of your house. But how often should you get a house valuation report? Here is a look at why, when, and how many times you are required to get the house valuation report.

What Is A House Valuation?

House valuation is the report of the estimate of the current market price of your house, done by knowledgeable local real estate agents. In other words, it is what you might expect to get if you decide to sell your home in the current market. The real estate agent uses extensive and current knowledge about your neighborhood, such as the recent sales of properties that are comparable to yours, to offer a price guide.

If you are purchasing, home valuations can help to affirm whether you are being offered a good deal or not. More so, if you are selling your house, the valuations will help you know if it’s a wise idea to sell your house or not and at what price you should set it at.

Why Should You Get House Valuation Report?

The best reason for getting a house valuation report is given how quickly the prices in the housing market can move. This means that while you might think you know the price of your home, without and up to date house valuation report, you might be underestimating or overestimating its real worth.

For instance, a quarterly market house valuation report in southeast Melbourne saw a twenty-three percent increase in 2017. The house prices rose by more than six percent in the 2018 first quarter attributed to stamp duty concessions. Well-Done house valuation will provide you with a realistic and reliable idea about the current value of your home, what you may expect to gain if you sell it, and essential market factors to consider.

When Should You Get House Valuation Report?

Getting a house valuation report is a perfect idea in various circumstances. If you want to sell your house, it is the right thing to book a house valuation with your local agent, who is selling in your area. Real estate agencies such as Property valuers in Brisbane provide property valuation for you to get a real feel of the local market. House valuation considers various factors, including the location of your home, house prices, house features, and buyers' demand to give you a pretty good value estimate.

How Often Should You Get House Valuation Report

The housing market can change abruptly up to as much as twenty-five percent in a single year. This means that you should often get a house valuation report to keep you up to date with the value of your house. If you are planning to sell your home, it's recommendable that you get your house valuation report every six months.

Yet, if you are not planning to sell it currently, we recommend that you get a house valuation report each year or two. Keeping up to date with the value of your house is helpful, including helping with your home loan equity, building insurance, and the asset value.

Conclusion

Well-Conducted house valuation will provide you with a real and true estimate value for your property. Yet, it’s essential to choose a trustworthy property valuer to ensure you get the correct, accurate, and honest valuation report.