If you’re not planning to sell your home or refinance your mortgage, it’s not critical to know your home’s exact worth. That’s when it’s safe to use an online home valuation tool to get a rough estimate of your home’s value to satisfy your curiosity. However, if you’re planning to refinance or take out a construction loan, you’ll need to get an home appraisal or construction loan appraisal (which also takes into account the value of the upgrades) before the bank grants your new loan. When you’re selling you’re not required to appraise your home before you list it, but it can be a good idea to ensure you price it correctly.
