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August
12
12
5 Things That Influence Property Value
When it's time to sell your home, pricing it correctly is one of the most important things you can do. Otherwise, you could end up getting far less than it's worth, or it could sit on the market for months or even years without an offer.
While our REALTORS® can help you get it right, it's helpful to understand some of the most important variables involved. Here are five things that could influence your home's property value.
- Location, Location, Location
When potential buyers are looking at Mansfield homes for sale, location is one of the most important considerations. Each buyer has different priorities when it comes to their ideal location, but when appraisers determine value, they look at three primary factors:
• The quality of the schools nearby
• Local employment opportunities
• Proximity to entertainment, shopping, parks, and recreational areas
Easy access to highways and/or public transit may also increase a home's value.
- Area Comps
When speaking with appraisers or real estate professionals, you'll often hear the term "comps." This is simply the price that other similar homes in the area have sold for recently, and it's one of the most significant factors in determining a home's value.
Since no two homes are exactly alike, adjustments need to be made when determining comps. For this reason, it's usually best to rely on a professional to provide these numbers. Also note that nearby foreclosures and short sales can pull down the value of your home, even if your home is in excellent condition.
- Age and Condition
In most cases, newer homes are considered more valuable than older ones. However, older homes that have had recent upgrades to the roof, plumbing, or electrical system will usually enjoy a jump in value. Each of these upgrades gives buyers the peace of mind in knowing they won't face expensive repairs or replacements in the first few years of owning their homes.
Buyers also rarely want to get involved with a home that needs a lot of work. If you're getting ready to sell your home, make sure you finish any projects you've started and fixed up as much as you can. This will help you get top dollar for your home.
- Size and Usable Space
If the location and other features are comparable, larger homes are almost always worth more than smaller ones. However, "usable space" is also an essential factor. Attics, garages, and unfinished basements usually aren't included. This means that a 3,000 square-foot home with a 500 square-foot garage would only have 2,500 square feet of usable space.
Bedrooms and bathrooms are often more valuable to buyers than other types of rooms. If you're looking to add value to your home, consider a remodel that increases your home's bed/bath count.
- Updates and Upgrades
Particularly in older homes that are outdated, some simple upgrades can significantly increase value. However, you'll want to do this with some caution as not all upgrades are the same.
Replacing your garage door and upgrading your kitchen or bathrooms are a few home improvements that are likely to add value. Make sure, however, that anything you do has the required permits and is up to code. Otherwise, you could end up doing more harm than good.
Simple cosmetic upgrades like painting, landscaping, and adding curb appeal are also usually good investments. If you're not sure whether an upgrade is worth your time and money, consider consulting with a realtor before you get started.
Are you thinking about selling your home in Mansfield? Contact us today to get started.