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Major Elements Affecting Your Property’s Value

Property’s Value

What are the three most essential elements that affect your property’s value? The adage says they are location, location, and location.

This truth hasn’t changed over the years. We may know that the average price of a home in the U.S. is around $227,000, but this statistic tells the average homebuyer very little about how much he or she should plan to spend for their first home.

Property values can fluctuate by hundreds of thousands of dollars within the same state, city, and even within specific neighborhoods. Besides the location, what are the significant elements that affect the value of my home and yours?


Square Footage

One of the factors used when pricing a home is its square footage. One would think that determining a home’s square footage would be a rather straightforward, mathematical process, but those unfamiliar with real estate may not be familiar with what spaces should be included in determining the livable area of a home.

Age

In real estate, older homes have value, especially if they are historic properties or have a protected status because of their age.

Newer homes also are considered valuable because they are well . . . new. New appliances, hot water heaters, and roofs mean that the homeowner can go years without spending money on maintenance costs.

Those tricky middle-aged homes are harder to value. They may be undergoing hot flashes because their AC units aren’t working correctly. They may also suffer from unattractive sagging, such as roofs in need of repair for cracked ceilings or foundations.


Condition

Homes that are well cared for have a higher value than those that are in disrepair. Homeowners need to be vigilant to maintain the value of their homes. A small leak that is ignored can turn into an expensive problem when the ceiling becomes stained and cracked. Furnace filters that go unchanged may affect the functioning of the unit.

Homes that are mostly ignored for years won’t have the same resale value of homes that have been lovingly (or begrudgingly) cared for over time.


Upgrades

To determine what updates are essential to home buyers in your particular area, reach out to a local real estate agent. He or she will help you learn how to spend your home remodeling budget to get the most significant return on your investment.

Should you undergo the torture of scraping popcorn off your ceiling? Maybe you should if buyers in your area will immediately leave a home that has this feature.

Do you paint your wood cabinets white or stain them to a darker color? Although the hosts of HGTV shows have a lot to say on kitchen upgrades, which color cabinets will give you the most profit when you sell your home?


Curb Appeal

It doesn’t matter how updated your home is on the inside. If your house has an ugly exterior, you will have a difficult time having potential buyers tour the home.

If you are thinking of selling your home, and you aren’t sure what you need to do to get the most return on your investment, talk with a discount real estate agent. Instead of paying a 3% commission to a listing agent to sell your home, you may be able to find one who offers complete service for 1 or 2%.

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