MOST people know how much money they have in the bank but far fewer know how much their home is truly worth, says LJ Hooker Toowoomba salesperson Alan Reilly.
"Home owners should have a regular appraisal of their property, which does not require any commitment on their part to list for sale but provides a knowledge-based assessment of where the market would likely see the home's current selling range," he said.
Alan said the moment a property sells it gave vital information on the value of a similar property in the same market conditions.
Once you know what your own home is worth, Mr Reilly said it opened up the possibility of using the equity in it as leverage to buy an investment property.
"The equity in your home is the difference between the price you owe on the home and how much your home is worth," he said.
"You can increase your equity three key ways - by decreasing your mortgage via additional payments, through the naturally rising property values or by home improvements that will raise the perceived value of your home.
"Undertaking pro-active renovations or extensions should increase its market value.
"To do this successfully you should have up-to-date market information and know what that local market is after.
"This is because the aim is to attract buyers who will pay for the new features your home offers at the time you want to sell.
"Our aim is to keep homeowners constantly informed by drawing on the team's expertise and its knowledge of ongoing market activity."
Contact Alan Reilly at LJ Hooker Toowoomba on 0427 655 767 or firstname.lastname@example.org for an obligation free market appraisal.
The team at LJ Hooker Toowoomba consists of sales, property management and property finance specialists who welcome your questions and provide regular updates on matters affecting your property's value.