Determining the Value of Your Home
Introduction
How much is your home worth? This is a question that many homeowners ask themselves at some point. Determining the value of your home can be tricky, but it’s important to have an accurate idea of what your property is worth to make smart decisions about it. In this blog post, we’ll discuss how to go about determining the value of your home. We’ll cover choosing comparable houses, considering different factors, and more. So, whether you’re curious about your home’s value or are preparing to sell, read on for tips!
Age
When assessing the value of your home, one of the most important factors to consider is age. Homes that are similarly aged are more likely to be similar in value and condition. If there is a significant difference between the ages of two similar homes, it could affect how much each one is worth. This means that when comparing prices, it’s important to focus on homes with comparable ages and/or remodels if applicable.
Size & Square Footage
Another important factor when assessing a home’s value is size and square footage. Comparing two houses with different square footage won’t give an accurate assessment because larger homes tend to sell for more than smaller ones. It’s important to note this can be confusing since larger homes typically sell for less per foot than smaller homes. The best practice is to not compare a house 200 square feet larger or smaller than your house.
To get an accurate picture of value comparison, compare homes with similar sizes and square footage only—this will give you better results overall.
Condition & Style
The condition of your home will also play a role in determining its value compared to other homes in the area. It’s important to compare homes with similar levels of upkeep and maintenance; this way, any differences between them can be considered when assessing their respective values.
Additionally, consider style when making comparisons between houses; older styles like split-level or ranch-style will usually have different values than more modern styles like traditional or contemporary designs.
Lot/Land
The size, topography, and location of your lot or land can have a direct impact on the value of your home. Taking this into account when trying to determine the value of your home is essential. For example, having a steep lot or driveway while all your neighbors have flat lots will drastically decrease the value of your home despite its other amenities. Therefore, you should be mindful of these considerations when assessing the overall value of your house.
Conformity
As the adage goes, it pays to keep up with the Joneses. In terms of real estate, it’s best practice to make sure your house is on par with other houses in your neighborhood; however, extra care should be taken to avoid having the biggest or fanciest house on the block.
Oftentimes, markets penalize being too far ahead of a neighborhood’s average price points as buyers may be turned off by the elevated cost required to maintain a home that offers more than surrounding homes. Thus, keeping up with your neighbors is an incredibly effective way to maximize the value of your home without taking excessive risks.
Conclusion
Assessing the value of your home can be challenging but it doesn’t have to be overwhelming! By focusing on elements such as age, size and square footage, condition, and style, you’ll be able to accurately compare different houses to determine your true worth of yours. With some careful research and consideration, you’ll soon have an informed estimate of how much your house should be listed on today’s market!
Did You Know?
EarlToms would like to make an offer on your house. We pay cash so you won’t have any appraisals, home inspections, agent commissions, or closing fees typically associated with selling your house to EarlToms. If you want to sell your house, in a hassle-free way, simply fill out the form to get started.
