Benefits of knowing home value and any valuation of your house is an estimate. Even a professional appraisal is an opinion, although an educated one. Of what the property might sell for a property’s value is also a snapshot in time because its value changes over time: the local housing market might improve or decline. Also, the condition of the house over a period of time will have an impact of the value of the house.
Up to a certain point, the more equity you have the better loan terms you would qualify for. Also knowing your home value tell you how big a mortgage you can take out whether its refinancing to get a better rate, lower payment of taking a cash out to satisfy other needs.