When was the last time you scheduled a real estate appraisal for your home or business? If it was during the purchase transaction, it may be time to arrange another one. While properties don’t necessarily need to be appraised every year, there are several advantages of scheduling regular assessments, listed below.

Why You Should Arrange a Real Estate Appraisal 

1. Better Financing Terms

If you make on-time payments for a few years and maintain your credit in the process, it may be possible to refinance the mortgage. Securing a reduced interest rate could save thousands or tens of thousands of dollars over the course of the loan. This process starts with scheduling a home appraisal. 

2. Lower Monthly Expenses 

Determining the current market value of your property might allow you to save on regular expenses like Private Mortgage Insurance (PMI) and property taxes. If the appraisal reveals that you have at least 20% equity in the home, for example, you can ask the lender to cancel the PMI. And if the assessment comes in lower than the county’s, you can reduce property taxes, too. 

3. More Financial Freedom 

Knowing exactly what your property is worth will allow you to make important financial decisions without delay. If the opportunity to purchase your favorite small business arises, for example, you’ll need to take out a home equity loan. Knowing the current market value of the home immediately will allow you to pursue such an opportunity with confidence. 

If you want to schedule a real estate appraisal for a property in Boulder County, turn to Brooks Valuation. Based in Superior, CO, this agency is proud to work with property owners, mortgage lenders, and potential buyers. Their knowledgeable appraisers have extensive experience assessing both residential and commercial real estate. To request a comprehensive real estate appraisal, fill out the form on their website or call (303) 456-8922.