Reasons to Get a Home Valuation Estimate Every Year
Every year my financial advisor, Jeff Wheeler, calls us to schedule a Financial Review. We usually do this in person and it takes about an hour. To be honest, I typically have to nag my wife into attending this meeting. "Why do we have to do this again? Can't he just take care of our money?"
I understand why she feels that way. But, Jeff has proven to me several times that this meeting is so much more than that.
Of course the primary purpose of this annual meeting is to stay on top of our financial picture for the future, so we revisit the parts of the financial plan we have implemented, including...
However, it has also prompted us to do other very important things over the years, like establish our wills, health care proxies, and more. If we didn't meet with Jeff every year, he wouldn't be in tune?with what we are thinking and that would mean he couldn't advise us very well.
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Our financial picture is more than a 401k or other savings tools. Our financial picture is made up of what and who is in our lives, what is happening in our jobs, and what is changing in the economy. When you let a true advisor do what they do best, they can suggest a variety of ways that you can plan for or protect your future -- much more than is normally in their wheelhouse!
This is why I think it is important for agents to connect with their clients at least once a year to do a Real Estate Review. Agents can help you get a handle on what your home is worth and how much equity you have. There may be other things that you can talk about like declaring a Homestead, the current tax assessment and how to contest it, residential tax exemptions, what home improvements are generating the best return on investment, and so much more. For most people, their home is their most valuable asset. But, many of them are not in tune?with it and that could lead to them mismanaging that asset.
An annual review of the home's value, recent updates, maintenance, and life goals will allow your agent to make suggestions that will help you -- or at least they can raise questions that you may not have considered.
Don't let your greatest asset go unmonitored. Stay informed to protect yourself, your family, your asset, and your future.