At Big State Home Buyers, we know many factors that determine the value of your home. Is your house near a major highway? Is it zoned to a good school district? Has it been updated? By looking further into the following factors, you will be able to establish what affects the value of your home.
Location, Location, Location
Location is everything to home buyers. The value of your home is determined by how close it is to commercial areas, schools, hospitals and major highways. Many people prefer to live close to their jobs, so a short commute on a highway can go a long way (no pun intended!) A house that is located in the city or near a lot of activity is likely to be priced higher than a house that’s in the middle of nowhere.
The value of your home can be determined by the value of other homes in your area. If there are homes very similar to yours that have sold in the past, it’s likely that yours would be valued at the same price. If you are trying to figure out what price is best for your home, look into similar homes nearby and try to sell your home in that same range.
If your home is located in a neighborhood that has a good reputation, it is likely that it will have a higher value. A good school district, low crime rates, and competent Home Owners Association will help. Many neighborhoods nowadays are up and coming so if this is your neighborhood, this can help you ask for a higher selling price.
Amenities and Upgrades
Doing upgrades to your home will pay off most of the time. Every upgrade you make will increase the value of your property. That being said, any upgrades that your home doesn’t have that similar homes around you do have, will decrease its value. The most popular upgrades that are sure to increase the value of your home are the kitchen, bathrooms and HVAC.
Condition of the House
The overall condition of your home is essential to the appraisal of your home. You need to look at your home through the eyes of a potential buyer. Try to look for any issue that your home might have that could make a buyer want to pay less. Your home needs to be clean and updated. No chipped paint and dated fixtures. Fixing those small things could help you sell your home at a more desirable price.
There you have it. As mentioned, there are lots of things to consider when determining the value of your home. It’s important to be realistic and look at your home from the perspective of a potential buyer.