5 Factors That Influence the Value of Your Home
The value of your home is more than just money. Anywhere that you live for longer than a few months is bound to make an impact on you, and you will almost certainly make memories. Life, though, might get in the way of your plans to stay in your home forever, putting you in a position where you need to consider selling your home. If you find yourself needing to sell your home, you’ll be better off if you are careful to maintain your home. This not only means keeping it in move-out condition, but also ensuring that upgrades happen every couple of years. You can choose to take on the responsibility and difficulty of your upgrades, or hire someone to do all of them for you. Whether you choose to hire someone or not, it is important to periodically upgrade your home.
This may seem like a lot for some to handle: changing anything about the way your home looks isn’t everyone’s strong suit. Particularly if your home is older, trying out new upgrades through a professional can bring a breath of fresh air in your living space. Imagine how wonderful this breath of fresh air will be when you’re ready to sell your home.
Keeping your home’s value as high as possible is really the best way to keep your home’s future secure. To make sure that you’re getting the most for your home, stay ahead of repairs and maintenance, as well as the aforementioned upgrades. The surroundings of your home, and your home’s interior workings, though, will also impact the value of your home.
Age of the Home
There is no one thing in or about your home that will outweigh the age of your home as the main determining factor in its value. Even well-kept old mansions may stay on the market for over a year before they’re finally purchased. Home buyers are usually put off by the advanced age of a building because of structural or plumbing concerns, so it is important, as stated before, to keep your home updated. This can give you a solid foundation for the best possible future for your home. If a potential buyer asks you about the age of your home, you always want to be as honest and as accurate as you can. This way, anyone seriously interested in purchasing your home will have the best understanding of what they could be buying with your home.
While plumbing and aging building materials are definitely understandable concerns, the real concern for so many people when dealing with an aging home is the actual foundation of the home. If you’re living in an area that is prone to flooding, you should make sure that you’re mindful of your home’s foundation. Water can potentially damage any home’s foundation by seeping into cracks in the foundation.
State of Plumbing and Design
Addressing the state of your home’s plumbing isn’t something that can’t be avoided for very long. Whenever a toilet clogs, or a faucet is acting up, you should attend to it as quickly as possible. Maintaining your home’s appearance is one job that should always be minded, but maintaining your home’s inner workings is even more important. If your plumbing or HVAC system isn’t working well, the value of your home will decrease and stay at that value until that repair is made. The exception to this is living in a market where the demand is much higher than the supply, and necessary home repairs will rank lower on the list of possible concerns.
With the understanding that your home’s value can be affected by the repairs that your home needs, imagine getting all of them finished, and having a finished product of a new-feeling home. This is possible and feasible, but you may need some assistance.
If you’re concerned about the value of your home, one of the many things that you can do is to contact an appraiser. An appraiser’s job is a give you an estimate of the market value of your home, and to provide advice that can help you increase the value of your home. Your appraiser may also be connected to staging companies, and to interior designers. Staging companies can style your home in a way that appeals to prospective buyers. Contacting interior designers is always a good way to change the style of your home, and to refresh each room.
Cost of Other Homes in the Neighborhood
When it comes to the value of your home, the recently-sold homes nearby matter. The higher the closing costs, the higher the cost of living of the neighborhood, and the more desirable the neighborhood tends to be. The selling price of the other homes in your area will set the stage for how much you can feasibly expect from the sale of your home. What’s wonderful about selling a home in a quickly-growing city like Las Vegas is that the value of older homes can be positively affected when they’re surrounded by newer homes. New homes are going up every few minutes in Las Vegas, and this can mean good things if you’re looking to sell a home in a growing area.
Local Schools and Amenities
Most people understand the importance of high-quality schools and desirable amenities in an area. A family that includes children will seek out good schools and areas with plenty of family-friendly activities. Young singles will generally seek shopping, bars, and trendy eateries. Having an updated home near local color can have a wonderfully-positive impact on the value of your home, and give you less to worry about if you have to consider selling your home.
Homes will inevitably cost more when they’re located near schools, or near centers of activity, like trendy shopping and event spaces. The cost of rentals in Downtown Las Vegas have already begun a steady rise in cost as downtown continues to offer more for residents.
In terms of importance when determining home value, the age of your home beats the location of your home by a narrow margin. In more congested cities, it is easy to find much older buildings for rent or for purchase at a higher rate. The demand for housing is up all over the country, and choosing a strategic home may better help you during your journey as a homeowner. Choosing a strategically-placed home is one of the essential steps for anyone interested in getting and maintaining a home whose value may continue to rise as the demand for housing continues to rise.
With all of this be aware and mindful of the value of the land on which your property sits. The land beneath the property could be the key to unlocking the wealth in your home later.