For homeowners looking to make a move in the coming months or years, knowing the value of your current house or apartment is a critical part of planning your next step. There are many factors that influence the housing market, and when you decide to sell may be one of the strongest considerations.
Your home itself will also affect your property’s market value, independent of external forces. There are ways you can improve your home’s standing with potential buyers, but here are some benchmarks that dictate resale price.
U.S. News & World Report stated that above all else, location is the chief consideration for your home’s value. Different cities or towns are more attractive than others for a slew of reasons. The quality of schools is a major influence, especially in residential neighborhoods and suburbs, as is a sense of community. Crime rates and the local real estate market can also impact the perceived value of your property.
Other, less obvious benchmarks may also be used, according to U.S. News & World Report. For example, access to public transportation and other resources can be a factor as well. From there, where your home is situated within a given neighborhood can be important. Even Internet and phone service providers could be influential.
2. The yard
Your home’s curb appeal isn’t just key for generating interest from potential buyers. The size and quality of your home’s yard and surrounding area are major influences, especially if it is near attractive features like a shopping center or waterfront.
If your home has old trees or other dangerous features, the overall value can be negatively impacted. Conversely, an immaculate yard can be a great selling point.
According to Kepple Team Real Estate, age is an essential consideration in two ways:
“Neighborhoods with older residents are less in-demand.”
First, the age of your neighbors and the demographics of your community can be immensely important for your home’s overall value. Neighborhoods with older residents are less in-demand than those with younger adults and families.
As for your home itself, age can be a benefit, especially for Victorian or Colonial-style houses, which may have historical significance. Otherwise, old age may not be such a great thing for other styles of dwellings.
In the same way that you may pass over a used car that has had a previous accident, your home may drop in value due to a fire or other incident. Even small issues like mildew or termites can be detrimental to your house’s resale price, especially if these affected areas like the foundation. These problems must be disclosed, along with crimes or deaths that occurred within your home.
U.S. News & World Report found that the condition and layout of your home strongly influences its overall value. Renovations may seem like an easy way to upgrade, but the source warned that specific styles and installations could actually deter some buyers.
Regardless, a history of upgrades and repairs will likely improve your home’s resale price, and it is important to record any and all of these projects ahead of the moving process.