AffordabilityHome Owners

What Determines the Value of a Property

 

When reselling your home, it is important to find out the value.  When it comes to residential properties, there are several factors that determines the value of a property that each hold different weight when evaluating your home. Ultimately, the value of a home all depends on what a buyer will pay for the property.  However, here are a few factors to evaluate when you are trying to determine your home’s value.  

The Location- It is true location is everything in the real estate industry. When evaluating your home, it is good to analyze the neighborhood and area where your property is located.  Is your property on a cul de sac, or near a body of water?  What are the sales of the near by properties in the area.  This will also give you an idea of the market value of your home as well.  Also, several things that are considered is the neighborhood’s crime rate, how close it is to schools and hospitals, the neighboring school system’s rating and other surrounding amenities like beaches and parks.

 

The Improvements– If the home has undergone large home renovations since the last time it was appraised, this will also contribute to the home appraisal value. Newly updated kitchens and bathrooms hold a lot of value in today’s market, so an appraiser will take these renovations into consideration when determining the value of your home. Furthermore, if you do large renovation on your property, it can increase the value more less. 

 

The History– The history of your home is another factor in determining its value  such as the age and size.  The age of your home can make a big difference in pinpointing the value of your home. In most cases, homes with historical significance that are well maintained and newer homes are considered more valuable than those that fall in between.  As well as the size of the home. Homes with open layouts typically have higher values than houses that are more closed off. The former often look larger than the latter, even if the two houses in comparison are the same square footage. In the same vein, homes with fewer but larger rooms are considered more valuable than their counterparts with more rooms that are smaller. 

 

In conclusion, determining your homes value is essential to know before listing it on the market.  Things like the location, renovations, age, size, etc are just several ways to get an idea of your home’s value.  Getting an appraiser to do a walk through of your home is needed to get an idea of what it can be priced at.  

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