Onto your ‘value my house’ mission – read about the factors that affect the resale value of your home!
One thing that makes the home selling process faster and less painful is effective valuation. Knowing the right value of your home can help you lock a better deal for your potential buyers.
Your approach can be made much stress-free if you boil down certain factors that influence your home’s value. Here are six variables that might be affecting your home’s resale value.
Location
It’s a no brainer; bad home placement always lowers your home value. This is why two similar homes in one neighborhood are priced differently. If one backs up to a four-way road and the other is on a cul-de-sac. Conversely, if you live in an area that has witnessed an infrastructure spring up in recent years, you are in a good boat.
Stuck Between Modernism And Historic Charm
Character-filled, vintage properties are always high in demand, and so are newly constructed homes that need zero renovations. But a house that is slightly too many years old (30 or 40) holds a lot less sway over smart shoppers, especially if its layout is outdated.
Old-Fashioned Renovations
Questions like “What is my home worth?” require discrete answers about the renovation? Does your kitchen celebrate dark wood cabinets and wall-to-wall carpet trends of the 2000s? Is your master bath an epitome of wonders of sponge paint and glass-brick walls? Renovations that were in fashion when you bought your home might now make a potential buyer turn up their nose. So, a major renovation spree in line with the latest trends is the best way to multiply your net return.
Space Shortage
The second set of stats that buyers scrutinize is the count of bed and bath. There is no buyer who isn’t looking for a separate guest bedroom or a whole bathroom to themselves. Even the most ideal address won’t be helped if they have only one bathroom or a very low bedroom tally.
Bad History
Your home suffered molds after a storm flood? Was your neighborhood once associated with high crime rates? Did a major crime ever occur? The public record of your home’s history has a huge impact on the resale value of your home. Know that savvy potential buyers do their research right – and they may not be interested in inheriting a mojo.
No ‘WOW’ Factor
‘Wow’ factors add more to the value of a home. It could be unique architectural finishes, proximity to a famous landmark, or the fact that any celebrities share your locality. But if there’s nothing that makes your home stand out, it sometimes gets difficult to grab the attention, especially during the high season.
Bottom Line
If you are looking to sell your home, you first need to get done with a property value estimate. For which you should weigh down all the factors that contribute to the resale value of your home, and then set your expectations bar accordingly.
