Stamford is one of Connecticut’s most coveted residential addresses, featuring the perfect mix of urban sophistication and suburban serenity. Homes in Stamford sell for a median price of $638,000 and stay on the market for an average of 42 days, receiving at least six offers. Buying a home in Stamford is a wise investment that will pay off during your stay and if you ever decide to sell the property. Speaking of which, preparing to sell your home is the perfect time to get a property valuation. But is it the only time? Here are five reasons you may need this service in Stamford.
Selling or Renting Your Property
Naturally, the primary reason homeowners get their homes valued is because they plan to sell. Most, if not all, the homes for sale in Stamford are valued beforehand to make sure the seller is getting the best and most realistic price for their property. The price has to be just right because an undervalued property leads to losses, and an overvalued property scares away buyers. You can also have your property valued if you want to rent it. Typically, rent is calculated as 5 to 7 percent of the home’s worth.
Planning
You may not need it at the moment, but the value of your home is an excellent piece of information. The figure you get from your home valuation can help you plan for the future or save precious time in an emergency that requires you to move fast or find money. When you know the amount of equity in your home, you know how much you can sell it for or borrow against it.
Renovations and Home Improvements
If you have been living in Stamford for a while or any place, you know that a home requires some renovations occasionally. You can renovate your home to fix a problem, elevate your lifestyle, change your décor and style, or sell it. For the latter, you don’t want to make improvements that price you out of the market. This is why a home valuation is crucial – it tells you where you sit on the market and how many improvements you can make before your home is unsellable.
Refinancing and Credit Qualification
You can borrow against your home. Usually, a lender will let you borrow between 75 and 96.5 percent of your property’s equity, calculated from information gathered during a home valuation. Your home’s value also comes into play when you apply for a Home Equity Line of Credit (HELOC). A HELOC lender will often require that you have at least 20 percent equity in your home to qualify – something you can find out through a home valuation.
Explore Stamford Homes for Sale with Ronald Nyman
With world-class dining options, reliable transportation, excellent schools, and diverse neighborhoods, the Stamford real estate market is a buyer’s mine. A property valuation helps the buyer and seller walk away with the best deal. So, whichever side of the deal you are on, you can always use one. To schedule a valuation, purchase a Stamford property, or consult on a real estate matter, contact Ronald Nyman of the Tri-Star Team today for excellent service.
