Are you looking to buy a house, sell your home or already own one? Discover what factors effect home values. If you have ever bought or sold a house, most likely an appraiser was hired to calculate the homes market value. Many factors can affect your home's worth and it's a good idea to know them. Some can't be fixed, but change the variables you can.
The condition of the home, updating lights, landscaping and painting are good steps to take. An appraiser sees your home like a possible buyer. Any imperfection that could decrease the value, they will find.
Remodeling and renovations highly affect home values. Upgrading the home will increase it's market value. If other homes in the area have upgraded and you haven't, your home's value will suffer. Kitchen remodels and bathroom renovations will increase the value. Adding things like central air or hardwood floors will also help increase the value.
Your house's value will be affected by where it is located. It's important for it to be located near schools, hospitals, malls major highways. No one wants these accommodations in their backyard, but want them near by. Other important note, a home located in a upscale, suburban neighborhood will be worth more than a property situated in a high crime, urban development.
Home values are determined mostly by the selling price of homes similar to yours in the neighborhood. In real estate, these are known as comparables. The outside of these similar homes will be inspected by the appraiser and compared to yours. Information from county and tax records will also be used in comparing them.
Below are threats that are not as easily fixed as the ones above but far more dangerous to a home's value.
A property's value can be hurt greatly by residing sex offenders in the area. Your home will depreciate more the closer you live to one of these creeps.
The value of a home can crash severely due to foreclosed homes in the neighborhood. Possible buyers are scared off by foreclosure or the possibility of.
A closed school due to a local governments incompetence will also lower the value of a home. Closed schools will send surrounding property values crashing. A possible buyer with children want good and accessible schools near by.
A study done at Berkeley states that living within 2 miles of a power plant can decrease your property value by 7%.
Be conscience of these possible problems and repair or avoid the ones you can. Find out what threats, if any, are around the area when buying or selling home and be aware how they affect home values.
The condition of the home, updating lights, landscaping and painting are good steps to take. An appraiser sees your home like a possible buyer. Any imperfection that could decrease the value, they will find.
Remodeling and renovations highly affect home values. Upgrading the home will increase it's market value. If other homes in the area have upgraded and you haven't, your home's value will suffer. Kitchen remodels and bathroom renovations will increase the value. Adding things like central air or hardwood floors will also help increase the value.
Your house's value will be affected by where it is located. It's important for it to be located near schools, hospitals, malls major highways. No one wants these accommodations in their backyard, but want them near by. Other important note, a home located in a upscale, suburban neighborhood will be worth more than a property situated in a high crime, urban development.
Home values are determined mostly by the selling price of homes similar to yours in the neighborhood. In real estate, these are known as comparables. The outside of these similar homes will be inspected by the appraiser and compared to yours. Information from county and tax records will also be used in comparing them.
Below are threats that are not as easily fixed as the ones above but far more dangerous to a home's value.
A property's value can be hurt greatly by residing sex offenders in the area. Your home will depreciate more the closer you live to one of these creeps.
The value of a home can crash severely due to foreclosed homes in the neighborhood. Possible buyers are scared off by foreclosure or the possibility of.
A closed school due to a local governments incompetence will also lower the value of a home. Closed schools will send surrounding property values crashing. A possible buyer with children want good and accessible schools near by.
A study done at Berkeley states that living within 2 miles of a power plant can decrease your property value by 7%.
Be conscience of these possible problems and repair or avoid the ones you can. Find out what threats, if any, are around the area when buying or selling home and be aware how they affect home values.
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Learn more about home value factors here. Stop by Matt Baumberger's site where you can find out all about this topic and other real estate related topics.