The Benefits of Keeping Up With Your Home’s Value

The Benefits of Keeping Up With Your Home’s Value

There are homeowners’ who remain acutely aware of their home’s value and others who don’t give it much attention. There are some very good reasons to keep your fingers on the pulse of how much your home is worth, however, ranging from improvement decisions to whether its time to consider a move. Here are some of the reasons you should keep an eye on your home’s value.

  1. It has a big impact on your net worth.

The value of your home will likely have a significant impact on your overall net worth. This is especially true if you have owned your home for a while and payments are beginning to have a bigger impact on your overall mortgage balance.

  1. It can provide access to equity.

As a home’s value increases, it is likely building equity. This is equity you may be able to tap into for opportunities, improvements or even emergencies. Knowing how much equity you have built up can be reassuring and even motivating.

  1. It may help you determine what remodeling projects to undertake.

If your home is increasing in value, taking on extensive home improvements may make more sense than if your home property value is stagnant or lessening. Keeping tabs on your home’s value can help you decide if a certain home improvement project is “worth it”.

  1. It can be an indicator that it is time to move on up.

If you’ve been fortunate enough to have a home increase rapidly in value due to location or improvements, it could be time to move up into an even more valuable property. Most of us want to continue to make financial progress in our lives and our home’s value can be a powerful way to achieve that goal.

  1. It may help you from overpaying on your property taxes. 

Keeping an eye on your home’s value may prevent you from paying too much on your property taxes. If you feel your property is being valued at more than it should be, you can challenge your property tax payments.

  1. It can ensure you have sufficient homeowners’ insurance.

How would you know if you have enough homeowners’ insurance to replace your home if you don’t know what it is worth? Paying attention to your home’s value in conjunction with your homeowners’ insurance coverage can help you from having gaps in your coverage or even possibly overpaying.

You can usually keep up with general home values in your neighborhood by looking at what similar homes are being sold for in your area. A professional real estate agent may also be of help. For assistance with your homeowners’ insurance coverage, contact one of our independent insurance agents for a no-obligation insurance review and quote.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Whatever Happened to These Rock Stars?

They Created and Performed Some of the Greatest Music of Our Time

Etsy and Ebay and Work From Home Businesses

Signs Your Hobby May Becoming a Home-Based Business

“Do Women Live Longer Than Men?” and Answers to other Other Life Insurance Questions

Interesting Answers to Some Common Life Insurance Questions

How States Determine If You Have Car Insurance

“Trust But Verify” Is the Attitude Most States Take

Are You Asking the Right Questions About Homeowners Insurance?

The Right Answers Often Begin with the Right Questions

Smartphones: How and How Much We Use Them May Surprise You

See How National & Worldwide Trends Compare with Yours

Own a Rental? You May Need Business Insurance

Do You Have the Appropriate Insurance to Cover Your Investment Property?

What is Decreasing Term Life Insurance?

Is Decreasing term Insurance Right For You? Would You Know?

How States Determine If You Have Car Insurance

“Trust But Verify” Is the Attitude Most States Take

One of the Best Buys in Loss Prevention: Renters Insurance

Take Advantage of Affordable Renters Insurance When Leasing

Leave a Comment