Since your new home will be your humble abode, buying the right one is essential. With hundreds of listings moving around on your local real estate market, determining the right home with the right value can be difficult. There are several ways to calculate a property’s value, whether using online tools or hiring professionals for their estimations. With property value in mind, you will be prepared to buy, sell, or refinance your home’s equity. Here are a few ways of finding a property’s value:
Place Of Residence
When location does not matter, a prime one can easily increase a home’s value. Having one in a less desirable location can have severe effects, especially one with bad neighbors. There are various factors that contribute to a property’s value:
- Convenience and accessibility are frequently top priorities for buyers. Properties close to prestigious parks, schools, shopping malls, and other facilities are typically worth more.
- Buyers are typically more drawn to safe, well-kept areas with low crime rates and a sense of pride among the locals.
- While homes close to planned industrial projects or significant infrastructural improvements may suffer a decline in value, properties in regions planned for commercial or residential development may see an increase.
Yards, Basements, And Extra Space
Extra space can be a wonderful thing, as many homeowners will keep more of their personal belongings with them. Furthermore, spaces like yards, basements, attics, or garages can easily increase the property value. Consider the following:
- Generally speaking, larger homes with more square footage are more expensive.
- Layout is important because purchasers find well-designed, efficient layouts that make the most of usable space more enticing.
- Extra areas like garages, basements, and attics offer additional storage or room for growth, increasing the property’s usability and value.
- Compare the property’s size and usable area to those of similar properties in the community to find a starting point for pricing and to identify any special benefits or drawbacks of the property.
The Age And The Curb Appeal
Looks matter, especially in the case of homes. Curb appeal or how it looks from the outside can have a large impact on the prices. Where older homes have a certain charm to them, they also house a lot of minor issues and fixes.
The Role Of Regular Maintenance
Regular maintenance can ensure a rise in your property’s value. Moreover, well-maintained old homes can have higher prices despite their age. Homes with modern kitchens and bathrooms can be more attractive to the buyers.
Let The Realtor Tom Gilliam At Homes 2 Move You Help Determine Your Property’s Value
Realtor Tom Gilliam at Homes 2 Move You offers outstanding real estate services. Farmington Hills and the entire Oakland County, Michigan, area are known to have outstanding views and locations right for picking. Tom makes sure you will get the home you want that is as affordable as possible. He is always available to serve his clients’ real estate needs. Contact Realtor Tom Gilliam at Homes 2 Move you today!