Factors That Determine
The Value of Your Home
By E. E. Kane
Photo: © Hanna Mariah - dreamstime.com
A quick sale of your home may depend on not overpricing your property, especially in a competitive market. To determine the value of your home, ask your realtor for a comparative market analysis (CMA). Here are some factors that your realtor will consider when pricing your home to sell.
The most important factor that affects your home's value is location. A house in a desirable neighborhood will be much more valuable than the same house in a less desirable neighborhood. Some things to consider are, good schools, proximity to shopping, parks and recreation. Also take into consideration that being close to a good job market will add value to your property.
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The square footage of your home and property are a large factor when determining its value. Your home's value increases based on the number of bedrooms and bathrooms that it has. But whether you will get a fair market value, or more, depends on your home's condition. If your home needs a new roof, heating or cooling system, this will detract from the value of the home. Even things like dated counters and floors can negatively affect your home's value.
It is usually a good idea to update your home, but consider carefully how much of an investment you can afford in the house you are selling. If your home is in need of updating, any repairs or improvements you make will only bring the home back into the fair market value range. It will not necessarily increase the value of your home. To ensure you get the best return on your home improvement dollars, consult with your realtor before making major home improvements.
If you don't want to take on a major home improvement project, such as adding rooms, investing a bit of time and money to paint walls can make an amazing difference in the appearance of your home. Also taking care of the small, obvious repairs and fix-ups will convey to buyers and brokers that you have been a conscientious caretaker of your property. |
