There is a wide array of factors that affect the value of a home. Nevertheless, some aspects are more significant than others. Continue reading to learn more about the four key factors used to determine a home’s asking price!
Location
The home’s proximity to schools, entertainment, offices, and other necessities can make it more or less attractive to buyers. For example, being close to a good school district, grocery stores, and entertainment centers can raise the value of a home. The reputation of the neighborhood is also important in determining value. Various economic and crime statistics can either increase or decrease a home’s value.
Comparable Sales (Comps)
It is important to look at the prices of recently sold homes in your area. To get the most accurate assessment, you want the comps to be as similar and as close in proximity to your home as possible. Your agent will look for recently sold homes that have similar characteristics to your property. The number of rooms, lot size, square footage, and age are all factors that should be considered.
Condition
The condition of your home is extremely important to consider when setting the asking price. Keeping up with home maintenance tasks, making improvements, and repairing things as needed will all increase the value of your home. When a home has visible deterioration, a poor appearance, and needs repairs, the value will typically decrease.
Size, Presentation, Amenities, Updates
One of the most obvious factors is the size of the home. Larger houses typically sell for more than a smaller one would. Additionally, the presentation of your home is incredibly important, as buyers want to be able to picture themselves living there. A good curb appeal, open floor plan, and large yard all increase the value of your home. Similarly, the amenities a home has may also raise the value. Having a pool, spacious kitchen, plenty of storage, and an updated patio or deck may all be advantageous when listing your home. Furthermore, any updates you make before listing the home will often pay off. Any home improvements, remodels, or renovations may increase the value, however, you should weigh the costs and likely benefits beforehand to determine if the improvements will be worth the time and money expensed.