Find Your Home Value
Home Appraisal Tips & Advice
California Home Values and Property Taxes: Are the Laws What They Should Be?December 22, 2008
California is once again rethinking Proposition 13, the law that bases home property taxes on the purchase price of a house. Will a new property tax law pass? California Home Values Are Falling: Can There Be an Upside?
September 30, 2008
Home sale prices are down and most people have seen a loss of home value in their neighborhood. Can there be a hidden benefit? Selling Your Home Successfully in Today's Market
September 8, 2008
Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling? Free Home Value Estimate: The First Step in Budget Management
By Karen LawsonHome Worth Columnist
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What is your home worth? The answer can help you decide if home equity financing can help you resolve financial issues and provide cash for home improvement projects. You can get a free home value estimate online, and use it to consider home equity financing options.
Home Worth, Real Estate Markets, and Your Finances
Let's say you received a free home value estimate stating that your home is worth $300,000. Your mortgage balance is about $200,000. The difference, $100,000, is your estimated home equity. It's important to understand that your actual home worth can depend on many factors including your home's overall condition, its location, and real estate trends in your area. If you apply for a home equity loan, your lender orders a residential real estate appraisal to determine home worth and how much you can borrow. Although home equity loans are widely available, it's a good idea to carefully look at your reasons for borrowing and weight them against the financial security of not touching your home equity. Rapid changes in market conditions, your local environment, and other influences can cause property values to change. Equity provides a cushion against changes in property values. It can be tempting to use home equity loans for luxury purchases, but maintaining higher home equity is an important aspect of financial planning.
Home Improvement and Home Worth
You can use a free home value estimate to determine how much home equity is available. You can decide whether to take an equity loan based on your current situation and financial goals.
If you're thinking of remodeling your home, you should also consult local real estate professionals to help you determine what type of improvement projects add value to your home.
About the Author
Karen Lawson is a freelance writer with extensive experience in mortgage banking. She holds BA and MA degrees in English from the University of Nevada, Reno.