What Determines the Value of Your House?

What Determines the Value of Your House?

Have you been feeling like your life is just crammed full of disposable stuff? Does it feel like you have to empty the trash way too often? Well, you're not alone! Many homeowners are looking to find ways to reduce waste and lessen their environmental impact. Here are some tips to reduce your home waste and save some time and money doing it.

Location

Location

Just like the old saying goes "there are three things that matter in property: location, location, location". With this in mind, it's time to take a look at your home. How close is your house to important amenities and conveniences? Are you nearby highways, schools, and shopping centers? As a tip: look around your neighbourhood and see how similar homes in the area have sold. How much are people willing to pay for a home like yours in your neighbourhood? Do you see many foreclosures in your area? This research will give you a lot of insight into how desirable your home may be—or how much someone might be willing to pay.

Square Footage

Square Footage

Another area that's evaluated to determine your home appraisal value is the overall square footage of the home. If you're selling a big house with lots of room, you will definitely have a more desirable spot for potential buyers. Look at how that space is distributed throughout the home. How much of your square footage is useable and livable space? How many stories does your home have? These are all areas that will be taken into consideration when evaluating the value of your home.

Number of Rooms

Number of Rooms

The number of bedrooms and bathrooms your home has, will also increase its value. This translates to liveable space and can help buyers with specific family needs narrow down their search. Bathrooms also greatly affect the value of your home. If you have 3 full bathrooms in your home, for example, your home will be appraised higher than a home that has 1 and a half bathrooms. It's also worth looking into whether the ratio of bathrooms to bedrooms makes sense in your home. If new buyers will have to build another bathroom to accommodate the bedrooms that could cost some of the home's value.

Finished Basement

Finished Basement

Having a finished basement adds a lot of practical square footage to the home (read: extra living space). As we said before, the amount of liveable area is a big selling point that can increase the value of your home. In fact, this type of project is arguably the best way to improve your home value, as it takes a large amount of existing space and converts it into a physically appealing and functional room.

Upgrades

Upgrades

If your home has undergone large renovations, it will contribute to the appraised value. Newly updated kitchens and bathrooms hold a lot of value in today's market because the buyer won't need to plan for the cost of a new fridge, dishwasher, or countertop. Before putting your home on the market, choosing high impact areas of your home to renovate (like the kitchen) could have large returns on the appraisal value of your home!

Your home appraisal value is based on an array of factors that focus on everything from useable space to perceived costs. Before putting your home on the market, you will need to get it appraised and it's good for you to know what to look for first so you can get ahead of it. With this list, you're sure to go in knowing exactly what buyers and appraisers will be looking for! For more helpful tips about your home, be sure to follow Marina Homes' blog series.