Er are several reasons to have a house valued. In most cases, a valuation takes place with a view to securing financing. With an appraisal, the house value is determined. Based on that determination, you know how much money you need to borrow to buy the property, and therefore how high your mortgage loan should be.
Before granting you a mortgage, a lender wants to know whether the loan can be repaid in the future. The valuation is like a guarantee to the bank that the property you are buying is 'worth the money'. The bank uses a valuation report to assess the risk.
Thinking about selling your home? Then a valuation can help you determine the asking price. The valuer will give you an honest and realistic direction to market your home with
But a valuation also comes in handy in other matters. For example, you may not agree with the WOZ value the municipality has assigned to your house. In that case, you file an objection. To support this objection, it is advisable to enclose a valuation of the property.
If you want to take out a second mortgage because you want to renovate, you have to be able to prove to the lender that the planned renovation will significantly increase the value of the property. You will get the answer to this by having a valuation carried out.