Most homeowners know what they paid for their property and they know what their monthly mortgage is, but not everyone knows what the current value of their property is. Why does it matter? If you are living in your home, intending to continue living there for the foreseeable future and making the current repayments then why should you care about it's current market value?

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The current market value is important for a whole host of reasons such as insurance purposes, property tax, financial planning and of course when selling, downsizing or trading up!

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When assessing your property for Property Tax, it's the current market value that you should consider. By undervaluing your house you could find yourself paying a fine in the future, and by overvaluing you could find that you are paying additional tax every year. Neither are desirable!

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A lot of homeowners fall into the trap of using the original purchase price when getting a quote for home insurance. This will generally lead to much higher premiums. You should always use the rebuild cost when getting a home insurance quote. You can find a rebuild calculator online.

Selling is perhaps the most obvious time that you should know the true value of your property. A property pitched at too high a price will not sell quickly and may 'go stale' in the market. An underpriced property will not give you the best return for your investment. At the point of sale not only should you do your own homework as to your property's value, but you should also talk to unbiased property professionals, to get an expert opinion on not only the value of your home but who would be the best agent to sell it for you.