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August
12
12
5 Things That Influence a Home's Value
One of the biggest challenges home sellers face is determining how to properly price their home. There are many things that impact the value of a home, and some are more obvious than others.
To help you out, our REALTORS® have created their list of the five things that can influence your home's value.
- Location
It's no secret that when it comes to real estate, location is key. When evaluating your home's value, the three primary concerns are the quality of the nearby schools, nearby employment opportunities, and proximity to entertainment, shopping, and recreational facilities. Convenient access to major highways and public transportation can also have an impact. - Size and Usable Space
The square footage of your home will also impact its value. Larger homes are generally worth more. However, the amount of usable space is also an important factor. To determine your usable space, subtract the square footage of spaces like the unfinished basement, attic, and garage.
Homes with more bedrooms and bathrooms are also usually considered more valuable. If you have extra space and can turn it into additional bedrooms and bathrooms, this may help increase your home's resale value.
- Neighborhood Comps
One of the most important things appraisers and realtors look at when determining the value of your home is the recent sale price of similar homes in your neighborhood. This is known as "Neighborhood comps."
When checking "comps" they'll look for homes as similar as possible and as close in location as possible to your home. The sale price of these homes serves as a benchmark. Note that if there has been a foreclosure or short sale in your neighborhood this can complicate things and could even pull down the value of your home.
- Condition and Age
The age and condition of your home will also have a significant impact on its value. In general, newer homes are worth more. If you have an older home with recent upgrades to important features like the electrical, plumbing, roof, or appliances, this will help to increase its value.
Homes that are move-in ready will also pull in a much higher price than those that need significant work. Make sure to wrap up any unfinished projects before putting your home on the market. Taking care of simple home maintenance tasks and making your house as presentable as possible is well worth the effort when you're getting ready to sell.
- Updates and Upgrades
If your home is older and has outdated features, doing some updating will usually boost your home's value. A new garage door and updated kitchen and bathrooms are high up on buyers' wish lists.
Before you jump into a remodel, however, make sure what you're considering will actually yield a decent return on your investment. It's a good idea to consult with a real estate professional before diving into any remodeling projects. Remember, also, that any updates you do must be up to code or you can end up doing more harm than good.
Your Long Island Real Estate Professionals
Determining the true value of a home is a complicated process, and it's not recommended that you try to do it on your own. Pricing your home correctly is one of the key factors to a successful home sale, so it's not something you want to leave up to chance.
If you're selling your Long Island home, our pros at Coach REALTORS® are here for you. Contact us to get started!