Since 2007, this question has become more significant than ever before. The reality is many things impact your home's property value and your home's value can fluctuate.
The many variables affecting the value of your home can be pared down to five key factors:
1. Location A familiar refrain: Location, location, location! Location includes the unavoidable variables of prices of nearby homes that have sold, the quality of community schools, and aesthetic of the area's community.
2. Size and Layout With the arrival of "open concept design" and buyers' increasing demand for it, size and layout have become critical factors. Environmentally conscious buyers value a house that is "big enough" with a user-friendly layout offering all the modern amenities and flow.
3. Age and Condition Typically, historic homes, new homes, and updated or remodeled homes will generate a higher value than their counterparts. The majority of buyers prefer to pay more for a house with completed upgrades than much less for that same house where they have to do the upgrades themselves.
4. Upgrades Updates and renovations have a huge impact on your home's property value. However, it is critical that all updates are in keeping with what is common for your area, with an eye toward resale, including selections with broad, current appeal. Consider consulting with a design professional.
5. Negative Events If your property or the immediate area has had any unusual issues, like an increase in violent crime or fire, flood, or mold in the home, the property values can be affected.
*It is very beneficial for the home owner to provide to the appraiser a list of any improvements which have been made to the house within the last 10 years," said Leah Lasley Shell, local appraiser. "The more information an appraiser has on updates and upgrades, the more likely value can be given for these features."
Remember: The highest possible sales price for your home is a moving target. An experienced Realtor can pinpoint your place in the current market and prescribe steps to take to increase the value and maximize your investment.
Author:Alicia Duffy Phone: 214-682-5009 Dated: October 7th 2016 Views: 86 About Alicia: ...
View our latest blog posts in your RSS reader. Click here to access.
Bill Jordan Designated / Licensed Broker & Supervisor
WILLIAM DAVIS REALTY TOP 500 BROKERAGES IN THE USA
Texas Law requires all Real Estate licensees to give the following information about Brokerage Services
Consumer Protection Notice
THE TEN COMMANDMENTSWhen applying for a mortgage1. Thou shalt not ch
"I recently relocated back to the Frisco area to be closer to my parents and needed a 3/2 in Frisco. Marla found and showed me homes exactly to my specifications and in a very short time I had put a contract down on one.
Thank you Marla for your promptness, professionalism and hard work.