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Do you know how much equity you have in your property?
Home values in the Bitterroot Valley of Montana have increased at a substantially high rate over the past 3+ years, leading property owners to possess more equity than they may realize.
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Home equity is your property's market value, less any liens or obligations (like a mortgage or line of credit).
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For most, a home is their greatest financial asset. Knowing your amount of equity is a powerful tool to help you make future decisions.
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Some of the top reasons for you to know your home's equity are listed below.
WHY YOU NEED TO KNOW ABOUT YOUR EQUITY
Do you have adequate home insurance coverage?
It's important to check if your homeowner's insurance policy covers the current value of your home. As your home's value increases, your coverage may not be sufficient.
Additionally, the current cost of building materials should be considered when deciding on replacement insurance coverage.