7 Factors That Affect Your Home's Value
There are many factors that can affect the market value of your property, ranging from home improvements to the mood of the seller. All of this is a lot to internalize, but you can make an informed decision while pricing your home if you tackle these issues one at a time.
Your home’s proximity to public transportation, train stations, shopping facilities, schools, etc., plays an import factor in determining your property’s market value. Every area has a high end and a low end. The market value of your property is affected by that reality. People that purchase homes in “lower end” areas expect to pay less than they would if they bought the same home in a “higher end” neighbourhood.
One of the key factors in your home’s value is the features it provides. For example, some house styles are more popular with buyers than others. The age and size of your home compared to other available properties also plays a part in affecting your home’s value.
Potential buyers will take into account the condition of your home in deciding if they want to buy it and how much they are willing to pay for it. A home in immaculate condition has a much higher potential for a top dollar sale than one that is lacking the most basic routine maintenance.
Experienced buyers look for important conditions like paints, floor covering, walls, ceilings, floors, doors and windows. Buyers may also pay close attention to the plumbing, electricity work, repairs, bathrooms, kitchen, and so on.
4. Home Improvements
Most people think that home improvements are a sure way to increase the value of a home. Major home improvements are unquestionably important factors that affect the property value. Improvements like room additions, bedrooms, bathrooms, kitchens and other items like floor tiles, swimming pools, etc., can increase the value of your home. However, it only matters what those improvements are worth to the buyer.
5. Market Conditions
When the market is flooded with similar properties for sale and real estate buyers are scarce, you can expect to sell your home for less than you would if there was a shortage of supply and lots of eager potential homebuyers.
6. Seller Motivation
Seller motivation is also a major factor which affects the offer price made by the buyer. For example, if you bought a home in a new area you may be willing to accept a lower price to quickly complete the sale your current house.
The marketing plan that your agent executes on your behalf will determine the amount of interest that is shown in your property. Your agent’s level of skill and expertise in the negotiating process will affect the amount of money you’ll be able to get for your home. Many people put more thought into what they’ll have for dinner tonight than who they will trust to market their most valuable asset. Don’t you make the same mistake!