Almost half of homeowners are undervaluing their home, according to the property portal Zoopla. Research suggests that across the UK, 45% of homeowners don’t know how much their property is worth and have undervalued their home.
Three in ten people accurately understand the value in their property and were able to make different decisions as a result. Zoopla uncovered – of the people who realised how much their property was worth – that:
- 50% were able to move home to a better property
- 18% of people between 55-64 could retire sooner
- 14% were able to treat their family
- 13% upgraded their car
- 13% went on more holidays
- 8% helped their children onto the property ladder
The average “hidden value” per home in Scotland was £10,051.
Why Does Your Property Value Matter?
There are a number of different reasons why it’s important to know the value of your property on the open market. Even if you’re not considering moving home at the moment, if you have a mortgage on your property then the interest rate is based on the loan to value. If the property value is higher than expected then you could achieve a better interest rate, enabling you to repay your mortgage faster.
From Zoopla’s research, 45% of people who didn’t know the true value of their home said they would have made different financial decisions. Homeowners said they would have moved home sooner, with 21% of people confirming they would have made “significantly” different decisions.
Find Out The Value Of Your Home
If you’re keen to receive an accurate valuation of your property and understand what your home could sell for, then please get in touch.
We understand that it may not be the right time to sell today, but having the knowledge of your home’s market value can empower you to make informed financial decisions and we would be happy to assist you.
Call today to book your property appraisal on 01355 907 771. It’s a 15 minute appointment and we follow COVID-19 regulations to ensure both you and our staff remain safe.