What can affect your home value?

What can affect your home value?

There are a lot of different factors that come into play when considering your homes value. When was the house built? Where was it built? What is going on in that area now? There is something that you can do about it. Below are 5 things that can both positively and negatively affect your homes value.

Location, location, location

Are you located near public transportation? Where is the nearest grocery store or restaurant? Believe it or not these things can make a big impact on your homes value. There is always a high and low end area in every city. If you are purchasing a home in a lower end area you are going to expect a lower price on that home versus if it was located in a higher end part of the city.

Custom Features

What does your home provide? Do you have stainless steel appliances, granite counter tops, and hardwood floors? It may even come down to the style of your home and what is popular at that time. All of these things can come to affect the homes value.

Condition

Does the roof need to be replaced? Is the carpet old and stained? Or even better, in what condition is the foundation of the home. Depending on how much work may potentially need to be done to the home can affect the appraisal value and asking price for your home.

Market Conditions

This is something that is completely out of your control. When there are a ton of other homes that are similar to yours buyers can become scarce and you might expect to sell your home for less than you wanted. On the other side if their are fewer homes like your for sale then you might end up receiving asking price or higher for your home due to demand!

Marketing

This is something that you can work with your agent on. This can determine the amount of interest shown in the property. It's a game of numbers. The more people you have interested the better chance you have of selling your home and selling it for the price that you would like!