It comes without saying that if you own a home, you have to consider the factors that will affect its property if or when you decide to put it in the market. Rising house prices are a common issue among home seekers. When it’s time to buy or sell, you can trust Rob Thomson Jupiter to guide you in the process.
The value of your home will be primarily based on what the potential buyers are willing to pay for your property. But not all situations will be the same. Some people will weigh in factors like the location or its distance to malls or schools.
To help you identify the factors that can affect your home’s value, here are some of the things that might drag your home value down or up:
- Location
The first factor that buyers usually look at is the location of the house for sale. Unfortunately, no matter how convenient the location is for you, appraisers won’t be able to factor in your convenience when they assign a value for your home. Usually, they will look at three different indicators, namely: the quality of the area’s school system, employment opportunities, as well as its proximity to the nearest malls and recreational centers.
Moreover, your home being close to highways and public utility lines can also increase its value. Simply put, the more accessible your home’s location is, the more valuable it’s going to be when you finally decide to sell.
- Area Size and Usable Space
Area is another common factor that people consider when buying a home. The larger the area of the property is, the pricier it will be. Area is usually referred to in terms of square footage. For instance, a 1,000-square foot home sold for $300,000 would have a price of $300 per square foot.
Aside from the area, the home’s usable space will also play an important role in valuation. While bedrooms and bathrooms affect a home’s value greatly, a large area of unfinished basements, attics, and garage space isn’t exactly counted as usable space. With that said, a 1,000-square foot home with a 200-square foot of garage space or basement will only have a usable space of 800-square feet.
- Age and Condition of a Home
Home seekers are typically more likely inclined to buy newer homes. The fact that the plumbing, electrical wirings, and other utilities are new convinces the buyers that these structures are less likely to break down and cause damage. New roofs can also come with a 20-year warranty which gives the homeowners two decades to save for roof replacements if needed.
However, the condition of a property can also affect the value of a home. An older but well-maintained home may just cost as much as a newer home. Even if the house is newly built, if it requires more renovations and improvements, buyers will be more willing to pay for a home that’s complete and requires little to no repairs.
- Neighborhood Comparables
Real estate values are also based on comparables which compares recently sold properties in the area to yours across several criteria. Homes can be comparable in terms of:
- Type of home
- The year it was built
- Location
- Number of bed and baths
- Total square foot area of your home
It can be used to get an accurate estimated fair market value for your house. In fact, most real estate agents use comps in estimating the sale price of a home. Once they get a range, they can just then add or subtract some of your home’s unique or undesirable features to get a final selling price.
- Home Upgrades
Upgrades and updates can significantly increase the value of a property, especially if the house you’re selling is a bit outdated. Doing renovations and upgrading some of the features of a home may be a good way to add to its existing value. You might also want to consider adding bedrooms and bathrooms on your home to help increase its value.
On top of renovations, adding a pool, converting to hardwood floors, or kitchen remodeling can also greatly affect the overall value of a home. Moreover, improving your home’s curb appeal could also increase its value by 20%.
Let Rob Thomson Jupiter Handle Your Home’s Sale
The importance of determining a home’s value cannot be stressed enough when you decide to sell. Though there are a lot of resources you can turn to online, working with professionals like Rob Thomson Jupiter ensures that you get an accurate estimate of your home’s value