When putting your house on the market, you want to get the absolute most that you can out of it. Though at times it may seem as though the listing prices for homes are completely random or created based off of what the owner would like to make on the house, the value of a house is determined by what the buyer is willing to pay for the house. That being said, every buyer is different. What is important to someone may be unnecessary for someone else.
We are going to start a two-part series that covers a few of the ways that your home’s value is determined. Again, this is going to vary from buyer to buyer, but getting some perspective on how value is created within each buyer is never a bad thing.
As you may have guessed, the neighborhood that the house is in will contribute to the value. You can get a good idea of the value of homes in your neighborhood by looking at homes in the area that have recently sold. If it’s an up and coming neighborhood, you might find that the value increases, while communities with high crime rates or in an older part of town may not hold as much value.
Proximity is one of the first things that people consider when they determine where they’re going to be looking for houses. While most homebuyers will be looking for a house that is close to their job, the proximity of your home to local schools, stores, and the city may contribute to the value as well. In the case that the buyers looking at the house are new to the area, the value would be based on the quality of the surrounding schools and employment opportunities.
Age of the House
Unfortunately, not all homes age like fine wine. It’s because of the work and maintenance that older homes often need that causes them to be valued at a lower amount. Now, that’s not to say that older homes with work put into them or updates/upgrades throughout will not be valued at more. This is definitely going to vary from house to house and will factor in various circumstances.
Upgrades & Updates
As we just finished mentioning, upgrades and updates definitely play a part in the value of a home, and that’s not the case for only old homes. Upgrades and updates to appliances and building materials can scream luxury to the right buyer. If there are any projects that you’ve completed recently, no matter how small, they hold value in the home.
Let e-Homes Realty Help
When it comes to determining what the value of your home is, the team at e-Homes Realty is more than happy to help. Our years of experience make it easy for us to point out the factors that make each home a great place to live. Learn more about our real estate concierge services and contact our team today to get started on the process.