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Factors that Affect Your Home’s Value

December 31st, 2013

Factors that Affect Your Home’s Value

When you’re thinking about selling your home,your first thought might be, “How much will it sell for?” The best way to get an accurate value on your home is to have it professionally appraised, but online home value estimation tools can put you in the ballpark. There are many factors that play into your home’s value, and some of them are beyond your control. Let’s take a look at what the value of your home consists of.

Comparable Home Sales

The sale price of other homes in your neighborhood will affect the value of your home. This doesn’t mean that the 10 acre spread a couple of blocks down will be compared to your home, but homes that are of a similar size, in a similar state of repair, and on a similar size lot, that have recently sold are a pretty good indication of what your home will sell for.

Home Stats

The size of your home and the amount of land it’s sitting on have a big impact on its value, but so does the usage of this space. A home that has more than one bathroom, an extra bedroom instead of a den, and a fully fenced back yard, for instance, is going to fetch a better price than a home with the same square footage and acreage without these features. If your home appraises for lower than you’re expecting, these are a few of the changes you could consider to bring that number up.

Community Factors

The neighborhood your home sits in is probably the biggest determining factor in its value. People are willing to pay a lot more money for a fixer-upper in a great school district than they are for a brand new house in a terrible one. Other community factors include accessibility to public transportation and amenities such as parks and walking trails.

Economic Climate

A dip or surge in the market is completely out of your control, but that can greatly affect the value of your home. The housing market can fluctuate from year to year, and even from season to season. Working with a trusted real estate agent will help you gauge the temperament of the market and list your home at the right time.

Condition and Curb Appeal

Of course, the overall appearance and condition of your home is going to affect its value as well. Keeping your home and yard clean and well-kept is necessary to attract interested buyers. Staying up-to-date on regular maintenance and repairs will bring up your home’s value and make it easier to get the offers rolling in.

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