Selling a house can be a stressful experience. Before you even put your house on the market, you need to figure out what your property is worth. A miscalculation at this stage could cost you a lot of money later on.
But what are the aspects of your home that can influence the price? This article lists 5 key factors to help you determine home value.
When determining the value of a house, the location is absolutely critical. One of the big factors determining the value of a location is the quality and quantity of local schools.
Everyone wants what’s best for their kids, so people want to buy houses to ensure their children get into a good school.
Naturally, another factor that influences location value is the number of employment opportunities in the area. People don’t want to risk being unemployed, so they favor homes in areas with many opportunities.
2. Neighbourhood Comps
One of the best ways to find out what your home is worth is to find a similar home that has recently been sold in the area. This is called a neighborhood comp. The closer the house is to yours, the more accurate the price will be.
If you’re trying to determine exactly how much your house is work, take a look at the recent sales in the area. Finding a house similar to yours that has been sold recently takes out a lot of guesswork.
3. Size and Space
The size and space are particularly important when determining what a house is worth. Generally, people want to have as much space as possible to fill with their possessions.
The more space available in your home, the more likely you are to get a good price for it. Things like the number of bedrooms are particularly important as this influences how many people can live at the property. The more people can comfortably live in a house, the more it is worth.
4. Age and Condition
Generally speaking, newer houses in good condition are worth more than older houses in bad condition. Older houses might require a lot of work done on them, and many buyers want to avoid the effort.
Even if the house appears to be in good condition, older houses are often valued lower because of the high likelihood that problems will develop in the next few years.
If your house has fundamental problems with it, such as foundation issues, you can drastically increase the value by fixing them. You might also consider working with a company like Creative Vision Tree & Landscape Services to improve the front yard.
5. The Local Market
Sometimes, you might have a large home in excellent condition and still struggle to sell. Often this is because of local market conditions. If there are a large number of similar houses for sale on the market, it pushes the price down.
In this situation, you might be able to make more money by waiting for a more favorable market.
Determine Home Value and Make That Sale
So, now you know more about how to determine home value. If you want to sell your house, it’s important that you have an idea of what your house is worth.
In some cases, it might be worth making modifications before trying to sell your home.
If you want to learn about other real estate-related topics, check out the rest of our blog posts.