If you’re a homeowner looking to maximize your financial gain, you’re in the right place. Understanding your home’s worth is not just about curiosity—it’s a strategic move that can positively impact your bottom line. Let’s explore five interesting reasons why knowing your home’s market value is key to more money in your pocket.
INSURANCE COVERAGE
Homeowners insurance plays a vital role in protecting your home from unforeseen events like damage or loss. However, ensuring that your insurance coverage adequately reflects your home’s current market value is crucial. By knowing the current fair-market value of your home, you can make informed decisions about your insurance coverage to ensure you have the right amount of protection. If your home’s value has increased due to renovations or appreciation in the real estate market, adjusting your insurance coverage accordingly can help prevent being underinsured in the event of a disaster also.
Many homeowners may find themselves overpaying for insurance as well if their coverage is based on an inflated home value. However, accurately assessing your home’s worth allows you to align your insurance coverage with its fair-market value. This ensures that you’re not paying unnecessary premiums while maintaining comprehensive protection against unforeseen events.
PROPERTY TAXES
By knowing the true value of your home, you can accurately anticipate and budget for property tax expenses. Moreover, if you suspect your home is overvalued for tax purposes, having this information empowers you to appeal your property tax assessment. Especially after recent renovations, your property value may be over-assessed, making it even more crucial to be aware of its fair value to avoid overpaying.
Why pay more taxes than you need to? Property taxes are based on your home’s assessed value. If you know the true value, you can make sure you’re not overpaying.
If you own and occupy a home as primary residence for 2 years of 5 years before you sell it, you can be exempt on up to $250,000 on capital gains tax ($500,000 for married couples).
SELLING
Think of your home like a treasure chest. When it’s time to sell, you want to open that chest and find all the gold inside, right? Knowing your home’s value helps you set the right price. If you ask for too little, you’re leaving money on the table, and asking for too much may deter potential buyers. Knowing the fair value helps you sell smarter and get more money in your pocket!
You may find downsizing an excellent choice. With less space to maintain, you may find it easier to manage your home and belongings. Additionally, a smaller home may lead to lower mortgage payments, property taxes, insurance premiums, and less time spent on household chores, allowing you to focus on activities and experiences that bring you joy.
HOME EQUITY LOANS
Ever thought about using your home’s value to make more money? With a home equity loan, you can do just that. Instead of just using it for renovations, think bigger. Use that money to invest in something like buying a rental property. Rental properties can bring in extra income every month, and here’s the bonus: when you file taxes, you can offset your income with expenses related to your rental property.
PEACE OF MIND
Knowing your home’s value gives you peace of mind, control, and awareness. It empowers you as a homeowner to make informed decisions that protect your financial future, saving you a significant amount of money by securing your confidence in your home’s worth.
Find out your home’s current fair market value today! Just click below.
WHAT YOU’LL GET WITH THE MARKET ANALYSIS
- Brief analysis on your home in respect to current market
- Price-range
- Potential price
- Brief market report on what buyers are looking for
- Avg. days on market
- Typical homes that are being bought
- Asking vs. closing price
- Comment on interest rates
It’s free, sign up!
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WHAT YOU CAN EXPECT FROM EMERSON
As a real estate agent operating in the Greater Pennsylvania Area, here are a few traits you can expect from Emerson:
- Understanding and genuine consideration of unique needs and concerns
- In-depth knowledge of local market trends and dynamics for informed decision-making
- Advocating for best interests with tenacity and integrity
- Communication, promptness and reliability in time-sensitive processes
- Diverse range of expertise in real estate, including relocation, sales, land development, flips, and tenant acquisition
If you’re interested in learning more about how Emerson can help you fulfill your real estate ambitions, we invite you to schedule a free consultation.
Schedule a free consultation today!
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