If you’re gearing up to get ready to sell your home and move into a new place, it’s important to start by knowing what your home is worth. There is a lot that goes into valuing your home, so let’s explore a few of the factors that can play a role in determining how much your home is worth.
Location, Location, Location
We’ve all heard this famous saying before, and it holds true year after year. Location is everything, and it is such a powerful force that you can own just about any type of home, and as long as it is sitting in the right place, it could be worth a fortune.
Location is more than just how picturesque the backyard is. It is about where your home is in relation to nearby establishments, how good the schools are, the history behind the community and so much more, as U.S. News &World Report notes. If you live in a place where you have access to everything you need on a daily basis, then your home value is likely to stay high and even increase over the years.
When many people buy a home, much of their interest comes from how good it is as an investment, says Investopedia. Homes within a neighborhood will have a positive effect on land values. So, for example, if your home is in a cul-de-sac, then it can be sold for more because most people view homes in these constricted areas to be less affected by traffic and safer for kids.
Another factor that could affect the overall return is the age of your neighbors. First-time homeowners will often look for and spend more for homes that are surrounded by younger neighbors because they see the potential for future playmates for their children, among other reasons. Smaller homes can even command a premium in some areas for young families or couples without children who are looking for a nice home to live in without the need for a larger home that some families would need, meaning you could find greater long-term value in buying a small home in an otherwise family-filled neighborhood.
When a buyer shows interest in your home, they will be taking a deep dive into the history of your property and looking into anything that could impact your home’s value. If your house has ever been susceptible to mold, was the scene of a violent crime, or has been affected by fire, flooding or other damages, it could possibly decrease your property value.
There are many factors that go into determining the value of a home and if you are a new seller then you may not know what aspects of your home could be helping or hurting you. Find out what your home’s really worth with Phillips Real Estate. We can take a look at your property, its amenities and locations and even what comparable homes in your area sold for to help you get a clearer picture of your property’s worth. To learn more, request a valuation appointment online or call us today at 405-368-9409.