If you’re thinking about moving, it’s important to find out what your present home is worth. The value of your property will determine how quickly it sells and for how much. Knowing the factors that affect property value can also help you find your next home. Here are a few things to consider when determining property value.
Where Is It Located?
The old real estate adage “location, location, location” is true for a reason. Homes that are close to amenities like shopping, movie theaters, dry cleaners, and restaurants often sell for more money than their rural counterparts. Having conveniences within a short distance means you have a shorter drive to run errands and thus spend less on gas. Living in or near town also means a shorter commute to work. There are a lot of people who like living in the countryside, but many more enjoy the convenience of living near town.
Is the House Outdated?
Older homes, especially those built prior to World War II, can be quite charming. Home buyers also appreciate the character of the neighborhoods where such homes are located. Alternatively, homes built within the last 20 years or so are also considered very desirable. A home built in the 1970s or 1980s, however, will probably have more difficulty generating interest. Most home buyers do not want dated properties. If you’re trying to sell a home that was built at a less-than-desirable time, a few renovations to update it might be your best bet.
Is the Decor Too Specific or Dated?
The best way to entice home buyers is to show them a property that is as neutral as possible. Paint walls in subtle or neutral shades. Make sure to put away personal items such as family photos and your favorite sports memorabilia. Decor that is too specific to your taste may turn off potential buyers. It can prevent them from seeing the possibilities inherent in the space and make it difficult for them to envision it as their own.
Dated appliances, flooring, and fixtures are factors that affect property value. They will make potential buyers worried about the amount of renovations they’ll need to do. The less move-in-ready a house is, the less potential buyers are going to want to pay for it.
Are There Enough Bedrooms and Bathrooms?
One of the first things potential home buyers will check before deciding whether or not to even see a home is the number of bedrooms and bathrooms. Single people won’t need three bathrooms, while a family of four might. Most people seeking freestanding homes are looking for something large enough to accommodate a family. A house with two bedrooms and one bathroom probably will not bring as much as a larger home.
Does It Stick Out Like a Sore Thumb?
There are sometimes older homes in neighborhoods that are largely filled with new houses. Or a behemoth in a neighborhood full of little cottages and bungalows. If a home does not match the rest of the neighborhood, it could be seen as less desirable than its neighbors and sell for less money.
There are many factors that affect property value. If you’re planning to sell a home or buy one, find out what the properties are worth. Knowing the factors that affect property value can help you decide which renovations you should make before trying to sell your home. And knowing the value of a house you want to purchase can give you some leverage during negotiations.