When you want to sell or buy a property, knowing its value is essential. For sellers, especially, there are higher chances that your home won't outperform other listings if they are of low value. The listing price of a home can even change after an appraisal of its value. Here are some crucial factors that can affect the value of your home:
Where your home sits plays a vital role in evaluating the selling price of a home. Your house may have all the things you need, but appraisals consider more factors to place a value on it. For your home to be of a maximum value, it must be close to quality local schools, shopping, entertainment, and recreational centers. Added to that, an abundance of employment opportunities, proximity to highways and public transit can improve a home's value.
The estimated market value of a home is also dependent on the home size. Bargains are often carried out based on price per square foot. For instance, if you list your home for $100,000 and it has 2000 square feet of living space, the price per square foot would be $50. Apart from that, houses with more livable space offer luxury, ample space for parking, and probably some bonus areas have higher values than houses without those. The number of full bedrooms and bathrooms a home contains also matter to the potential asking price. More beds and baths mean a higher value for your home.
Newer homes tend to have higher values than older ones because of many factors. In a new house, some parts are less likely to break down. Plumbing and electrical work, for example, are still fresh, up to code, and with adequate warranties. Most buyers don't want to spend extra on fixing major systems after acquiring a home. In newer houses, a new roof with a guarantee of at least ten years means that the buyer won't need to spend on replacing the roof anytime soon.
Who says older homes can't have high values too? When you upgrade the appliances in your home to the latest versions, the value of your home climbs. Including new technologies like smart thermostats will not only raise your home's worth, but it will also help you cut costs and make your home more efficient.
The local market
Even when your home meets other requirements, influence from your local real estate market can affect your home's value. If your home is in a location where the buyers' offering bids for homes outrank the number of listings, chances are you'll sell your home for more because it is a seller's market.
Talking to a local real estate agent will help you list your home closest to the market realities in your area and ensure you get the best possible price for your house.
Not all home improvements cost thousands of dollars. Sometimes, it’s the little things that make the most impact. So, if you’re avoiding putting your house on the market because you know it needs work, or if you’re passing over the house in your budget’s sweet spot because you think it might be a money pit, check out these inexpensive options for adding to your property’s value.
$999 and under
Over time, a little change here, a little upgrade there and your home's value magically improves without breaking the bank. If you'd like a professional opinion about which updates and upgrades could add the most value to your home, schedule a consultation with a real estate professional.
Increasing the value of your home doesn't always require a significant amount of money or time. The benefits are far reaching. A lift in the value of your home can shorten the path to selling your current house so that you can move into a better residence. Of course, it will also improve your equity. These steps can increase your home's value without breaking the bank. Paint can do wonders Apply a new layer of paint to each room at your house. Fresh paint is one of the quickest ways to give your house a face lift and increase the value of your home. Consider going with neutral colors, especially if you plan on selling your house soon. Carpet can improve air quality Installing new carpet or pulling up the existing carpet and going with hardwood floors is another way to enhance your entire house. Not only can new carpet lend your house a more modern look, new carpet can also improve your house's air quality by getting rid of contaminants and allergens. Live mold free Check window edges, the bathroom, basement, kitchen and other areas where water collects for mold. Use a brush to scrub away mold. Make sure that you wear rubber gloves. If mold covers an entire wall or other large spot, contact a professional. You don't want mold spores to spread. Safety counts To increase the value of your home, upgrade exterior and interior doors. Another option is to upgrade your door locks. A safe home is attractive to potential buyers. Concerning safety, make sure that windows in your home have safety locks on them and that they are designed to be opened from the inside instead of the outside. Give the kitchen and bathroom a lot of attention Upgrade bathroom and kitchen faucets. Brown, wood cabinets can also add value to your bathroom or kitchen. If you're looking to save even more money on upgrades, consider hanging a decorative mirror over the bathroom sink and installing a shower spigot that has a massage feature. While you're in the bathroom, lay new tile and add caulking to shower or tub edges. Go for great lighting Replace plain ceiling lights with stylish lights that also operate as ceiling fans. Save money on table lights by purchasing unique lamp shades. While you're thinking about lighting, consider upgrading window treatments. For example, you could hang neutral colored blinds. Other options include cellular shades, roller shades, wood shades, drapes and vertical blinds. Get outside Work with your entire family to clean weeds, leaves and litter out of your front and back yards. Plant flowers at the edges of your house. Also, trim hedges and bushes. If your garage and house need to be washed, grab a hose and wash away dirt and stains. Adding new handrails to the front and back porch steps is another way to increase the current value of your home. Your neighborhood also plays a role in the value of your home. Get involved in community and local government events. Report suspicious persons or activities. Get to know your neighbors and encourage the best in each other.