Home Value: Essential steps to determine your home value

Are you wondering if the house you might buy is really worth it? Or wondering what your home value is?

If you’re planning to sell your home, then you’ve probably wondered How much can I sell my home? One of the challenges of determining your home’s value is that “value” is variable; one buyer may be willing to pay more than another. So how do you find that sweet spot, meaning a listing price that will attract buyers and help you reach your goals?

If you want to sell or buy a house in an area, it is very necessary to know the real value that reflects the price of the house to be sold or bought, and what are the factors that contribute to creating that value. In this article, we will highlight the most important factors that are usually paid attention to it when buying or selling.

Home size

The home value is determined by its space, a large house can positively affect its value. The number of rooms is very important since the family needs at least two bedrooms as well as an additional room for guests.

Therefore, the large space and the presence of more rooms and bathrooms in the house has a major role in the high price of the house and the increase in demand for it.

Location

The location of the property is one of the most important factors affecting its value. Whoever is looking to buy a house is searching for whether the house is close to schools, hospitals, restaurants, shopping malls, transportation, and other public services that everyone needs. The closer the location is to the amenities, the more valuable the property will be.

So if you are someone who wants to buy a house or want to sell your house, you must take into account those matters such as the location.

Age and condition

The house age is an important factor that plays a major role in determining the property value. The newer the property, the buyer will be willing to pay for it as it does not require any major renovations or repairs.

If you live in a newly built house, it is often in excellent condition in terms of paint, kitchen, bathroom, and sanitation. All of this contributes greatly to the high market value of the house compared to the rest of the houses in old buildings.

Economic conditions

The economy often impacts a person’s ability to buy or sell a home. This is because when the economy is booming there will be many job opportunities and therefore people will earn more money which increases purchasing power.

On the other hand, if unemployment increases and wages fall, fewer people will be able to buy a home. Thus, real estate prices will fall. Therefore, it is very important to keep up with the prevailing economic conditions before determining the price of the property.

Amenities determine home value

Private parking

Private parking space for each apartment is one of the factors that contribute to the increase in the house’s price because it prevents you from paying extra for private garages or leaving your car in an unsafe place.

Garden or Balcony in the house

Some homes have balconies or small gardens that are ideal for family gatherings and space for children to play. Which made the value of the house rise because these facilities are not available in other homes.

Stunning view

Your home may have stunning sea or tree views, unlike homes in narrow, densely populated streets. All of this plays a significant role in estimating the home value and price.

Some mistakes that reduce the home value

Many factors negatively affect the value of the house, as some erroneous practices lead to reducing the home value, which the homeowner must avoid:

Lack of maintenance and repairs

If you are considering selling your home, maintenance and repairs ensure that the house is in good condition and has no problems. Maintenance and repairs consist in painting the walls and maintenance of the bathrooms.

You can hire a professional company to make the repairs you intend to do so that you do not reduce the home value for sale.

Breaking the rules

Each country has its own laws that the homeowner must be adhered to, and if there are any legal violations regarding a house, this exposes him to stopping its sale completely. No one wants to buy a home that violates the law.

Converting a bedroom into an office

Due to the Coronavirus and the increase of working from home, a new problem has emerged related to the home value, which is converting the bedroom into an office room. Reducing the number of bedrooms reduces the home value as the number of rooms is important, especially for families which have more than one child.

Wall paint colors

The colors used by the homeowner must be considered so that they are neutral so as not to reduce the value of the house, and the homeowner can enjoy his own taste as long as the house is not offered for sale, but when thinking of selling it must change the strange colors and make it with neutral colors.

How to increase home value?

Make your home more attractive, while making your home more beautiful is a great selling point for buyers.

Add more space, as bigger homes tend to sell for more money.

**After all these factors that determine the value of a home, you can measure it in another way which is:

Ask a Real Estate Agent

Nobody has a better handle on your local market than real estate agents who help people buy and sell homes there. If you are planning to sell, get help from a real estate company in your area.