When You Should Check On Your Home's Value—and How
Tuesday Sep 12th, 2023
Whether you plan to be in your home for five years or 25 years, you know owning a home is a massive investment and financial asset. But you might be surprised to learn that many homeowners don’t regularly review the value of their home. When did you last review yours? Can you imagine a financial advisor getting you into an investment—say, a mutual fund—and telling you not to ask about it, or even check on its performance, for the next five years? You would likely baulk at such a suggestion and insist that you’d be able to review your investment at least once a year, or even more frequently.
While I’m not a financial planner, I am a real estate agent. The same principles of any investment apply when owning a home. So many variables can affect your home’s value: the market, interest rates, popularity of the neighbourhood, etc. You don’t want to have five years go by without checking in on your investment and seeing how it’s doing for you. It might even help you to decide whether it really is your forever home, or whether you might be able to take that next step on the property ladder sooner than you think.
It’s important to regularly ask questions like:
- Is our home still meeting our needs?
- What is the current market value of our property?
- Does our property and neighbourhood still fit well with the lifestyle we want?
- What kind of new home do we now qualify for?
Life changes. You may need extra room sooner than you anticipated, or you might be so impressed by your home’s performance in a short period that it means you could move to that neighbourhood you’ve always dreamed of. Or, you may find it hasn’t quite appreciated in value as much as you hoped, so you decide to get started on that reno (like adding a bathroom or finishing the basement!). You could even be wondering when would be the most prudent time to downsize for your next phase of life. Whatever the reason, getting the answers to those questions is crucial to managing what may be your most valuable investment: your home.
How often should you do this? Based on my experience of over a decade in real estate, I recommend a review once a year.
And here’s the good news: you don’t need to go through this process on your own. You don’t need to start scouring current listings or statistics, I can help! When it’s time to review your property investment, give me a call. I can give you the answers and advice you need using the latest market data that I see firsthand everyday! Realtors aren’t just for when you think you think you’re ready to buy or sell, I’m here to support you at every stage on your journey of homeownership.
Reach out anytime: