Are you trying to sell or buy a home or investment property? An effective valuation will make this process easier for you and help you secure a better deal. But home value is not as easy as ABC.
With prices varying over time, it’s often difficult to put a finger on exactly how much you can get out of your property. There are plenty of factors that affect the value of your home, but if you watch the ones highlighted here, you won’t stall your resale value.
Location is everything
Although your home is a place you will live, you need to start viewing it as an investment. Look at the town, city, or community your home is located. A viable economy will have a balanced mix of commercial and residential properties. Are there grocery stores, schools, public transport, hospitals, and gas stations? Homes located in areas where all these amenities are readily available tend to fetch top dollar.
People don’t think a lot about curb appeal, but you should. When a buyer walks up to a house, the first thing to attract them is how neat and well-kept the house is. Unkept yards and chipped paint are a turnoff. According to King of Prussia house painters, a fresh coat of paint in your interior results in a 107 percent return on investment, while exterior painting has a 55 percent return on investment. A well-trimmed yard, enough space, in a great neighborhood is complemented by a well-painted house, which gives the buyer a vision of what their life will be like when they buy your property. Curb appeal will not cost you much, but the results will be worth every dollar you spend.
Natural disasters and accidents cannot be prevented, but a negative history will negatively affect the value of your home. Maybe your house flooded during a storm, causing mold, an electrical fault caused a fire, or the neighborhood was associated with high crime rates. Even when the information is outdated, it’s impossible to scrub it off government records. Potential buyers will learn about it, and they will not be eager to put a high bid.
Beds and baths shortage
Buyers want to know that their family will not be scrambling for bed and bath space if they buy a property. On top of getting a bathroom for themselves, buyers prefer a separate guest bedroom. Even with a great address, your property may be valued lower if you have a baths and beds shortage. This is especially true if the neighboring houses have more bedrooms and bathrooms than your residence.
Growth is vital to both homeowners and investors. If your home has enough space to add a bathroom, patio, swimming pool, extra storage, and even increase the floor space, the value will be higher.
Although you will spend some years in the house, you need to think like an investor and consider the property’s value. When making a buying decision, consider whether you will sell the house in the future or put it up for rent.