Factors That Will Determine Your Home’s Value When Selling

In most cases, the value of a home is determined by various aspects, which range from the specifications of the house to the price range of similar houses in the market.

While some buyers might consider the house’s location and convenience, others might consider its size and in-built features.

The convenience of having easy access to social amenities like medical centers, public transit, schools, and shopping centers attract more people.

It explains why homes near such areas are highly-priced, unlike those where you have to cover a distance before coming across any public utilities.

Size

How big or small the house is. While most people go for quality over quantity, the size of a home weighs a lot on its value.

Bigger houses have more storage space and spacious rooms hence increasing the value of a home.

With extra bedrooms, toilets, bathrooms, and spacious kitchens, a larger home attracts more deals because of its convenience for a more prominent family.

The Neighborhood

The nature of the neighborhood highly contributes to the pricing and value of your home. How is the atmosphere there?

How is the security status? What is the nature of the people who live around; are they mellow and inviting or mean and distant?

Does the area have a history of robbery or productive community projects?

Warm and safe communities pull more attraction, and due to such high demand, the value of homes in such environments is always high.

The Current Housing Market

While your home might be in the best condition and location possible, its value might either shoot or degrade depending on what kind of sale season it is.

During peak seasons, most people are looking to buy houses; therefore, the competition among buyers is stiff, which could mean a better deal for you as the home seller.

Contrary to that, most sellers might be forced to sell their homes at lower prices during the off-peak season due to the high supply and low demand.

Age

While old is said to be gold, this is not always the case for the housing business because new homes appraise more highly than old ones.

Damage can occur on the electric wiring, plumbing system, roofing, walls, and other signature aspects in an old house, which will incur the extra buyer costs to repair.

On the other hand, new homes have all these newly fixed and probably with a warranty of ten years and above, which is an excellent assurance that the house is in order and will not require any repairs any time soon.

The key to knowing the actual home’s value of a home lies in research.

Take your time to look around, dig deep, and make simple comparisons before tagging a price on your home.

Reach out to a seller’s agent to help you determine your home’s value and receive what it’s worth. 

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