Sellers
Why It's Worth What It's Worth: Factors Affecting Home Value
Most of us know the mantra that answers," What are the top
three factors that determine a home's value?" If you responded
"Location, Location, Location" you're right. But what makes for a good
location? And what is it about a particular home that gives it value?
Part of the answer is subjective — one person's ideal feature
can be another person's deal breaker. But in general there are factors
that affect a home's value and attract, or detract from its appeal to
buyers.
Virtually every buyer will be a seller one day, so it pays
for both potential buyers and sellers to pay attention to the
characteristics that help determine how you present or future home will
be valued relative to similar properties in your neighborhood:
Home Characteristics:
- Area (square feet)
- Structural condition
- Total number of rooms
- Number of bathrooms
- Number of bedrooms
- Fireplace(s)
- Central air
- Full, dry basement
- Size of garage
- Energy efficiency, utility costs
- Landscaping, curb appeal
Community Characteristics:
- Quiet, safe, clean, attractive neighborhood
- Overall positive public perception of the community
- Adequate fire and police protection
- Quality public schools
- Libraries and other cultural institutions
- Proximity to shopping, restaurants, recreation
- Access to public transportation
- Well maintained infrastructure; roads, parks and other public recreation facilities
- History of solid property values
- Planned changes to zoning, or proposed development projects that could significantly alter the character of the community
Perhaps the main reason many people choose a particular home
is that it simply feels like home. Smart buyers and sellers also keep in
mind that a home also represents a big investment in time and money.
|
