How Much Is Your House Worth?
How much is your house worth? If you are a prospective seller trying to determine the value of your home, you may not know where to begin. Evaluating the cost of a home is indeed a complicated matter, as so many different features influence a home’s worth. From the obvious factors like square footage and number of bedrooms and bathrooms, to more nuanced ones such as relative location to attractions and local supply vs. demand, there is a lot to take into account! However, calculating your home’s value isn’t rocket science. Once you know what to look for and where to look for it, the process of assessing your home’s value becomes exponentially easier. The concepts listed below will help you get started.
Size Of Home
One of the most common means of determining how much your house is worth is it’s size. This refers both to the sheer number of square footage, and to how many of each specific type of room – such as beds, baths, and kitchens – the house has. It is possible to make your home seem larger from the inside by keeping it free of clutter or adding visual features like large mirrors.
Remember when determining this that there are legal guidelines for what qualifies as a room. A bedroom must have a ceiling higher than 7 feet, a floor larger than 70 square feet, and a window or second door. Although it is not mandatory, most buyers would also like a closet. A half bathroom contains only a toilet and sink, whereas a full bathroom contains a bath or shower. Keep in mind also that the acreage of your property plays a role in cost as well.
Home Improvements
If your home has been recently remodeled in any way, this will likely boost the value of your home. In particular, bathrooms and kitchens with new tiles, sinks, and other improvements give your house a much more modern and clean feel than houses with old, outdated or rusty/dirty faucets, drains, etc. While we are on the topic of cleanliness, remember as well that it is essential when selling your home to keep it extra-clean, even if you cannot remodel. This will make your home seem to be worth more.
Curb Appeal
The external image of your house–the first impression that potential buyers get from the street–is another crucial aspect to home value. Even though they may not directly affect the quality of life of those living in the home in the way that functional upgrades can, appearances are vital. Simple lawn upkeep, maintenance of trees and shrubs, and painting your house every once in awhile could go a long way. In addition, if there are any large blemishes on your land (such as wilted grass, fallen trees, or cracked siding), it would be well worth your time and money to fix these before putting your house up for sale.
Location and Demand
Last but not least, the location of your house is extremely important. There are a number of factors that can drive the price of your house up, such as proximity to attractions such as schools, parks, beaches/rivers or other nice houses. Other factors can drive it down–including ugly or hazardous surroundings, a high crime rate, or a lack of availability of services. Location, in turn, will affect the push and pull of supply and demand. If your neighborhood is inundated with other houses for sale, this could temporarily lower the worth of your house. If you live in a desirable neighborhood with few houses up for grabs, this could raise it.
To Conclude…
So how much is your house worth? The fact of the matter is that even if you take into account all of the factors mentioned above, you still may not have an entirely accurate picture of your house’s worth. It would probably be well worth your time to do some research on your local housing market or similar ones to see how many houses like yours are for sale, how fast they sell, and how much they are selling for. For fast information about the value of your home (as well as the possibility of making a quick and easy sale) contact Blue Marble Properties today!