Tax implications: “Keeping an eye on the market value and property tax assessment value is important so that you’re not paying tax on an artificially inflated property value by mistake, or vice versa,” says Minnesota Financial Advisor Jamie Pomeroy.If the value of your home increases significantly, you’ll have a lot more leeway when it comes to taking out a home equity line of credit, or HELOC to pay for expenses like a remodel, a car or education for your kids. Borrowing power: This is especially true if you ever wind up borrowing against your home’s value.
If you sell your home later, you will make money on your investment. When your home increases in value, your net worth increases. According to the Federal Housing Finance Agency, home value prices increased 8.4% in 2022 and 4.3% since 1991.
Investment value: Over time, your home should theoretically increase in value.Outside of providing a place for your family to live, your home is an important part of your financial plan, too. Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas View Rates Today! Why Your Home’s Value Matters
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