Are you looking to buy a house, sell your home or already own one? Discover what factors effect home values. If you have ever bought or sold a house, most likely an appraiser was hired to calculate the homes market value. Many factors can affect your home's worth and it's a good idea to know them. Some can't be fixed, but change the variables you can.
The overall property's condition including fresh paint, recent landscaping and new light fixtures will affect it's worth. Appraiser's see your property through the eyes of the buyer. Anything fishy will be detected.
Home values are also affected by renovations and upgrades to the property. Remodeling your home will increase its worth. The value will decrease if other similar homes in the area have newer upgrades that you don't have. Installing things like central air and hardwood floors will help increase your home's value. So will bathroom and kitchen remodels.
Your house's value will be affected by where it is located. It's important for it to be located near schools, hospitals, malls major highways. No one wants these accommodations in their backyard, but want them near by. Other important note, a home located in a upscale, suburban neighborhood will be worth more than a property situated in a high crime, urban development.
Home values are determined mostly by the selling price of homes similar to yours in the neighborhood. In real estate, these are known as comparables. The outside of these similar homes will be inspected by the appraiser and compared to yours. Information from county and tax records will also be used in comparing them.
Below are threats that are not as easily fixed as the ones above but far more dangerous to a home's value.
Sex offenders as neighbors can send a home's worth plummeting. The closer one lives to you, the more your property's value will decrease.
Foreclosed homes also decreases a home's worth. Potential buyers are scared off by foreclosures.
The value of a home will be changed by the presence of closed schools. Property values will be heavily depreciated by a government in debt that decides to close some area schools. Possible home buyers who have families or want one will want quality schools open and available in the neighborhood.
Living 2 miles or closer to a power plant will lower your home's value from 4-7% according to a study done at Berkeley.
Be conscience of these possible problems and repair or avoid the ones you can. Find out what threats, if any, are around the area when buying or selling home and be aware how they affect home values.
The overall property's condition including fresh paint, recent landscaping and new light fixtures will affect it's worth. Appraiser's see your property through the eyes of the buyer. Anything fishy will be detected.
Home values are also affected by renovations and upgrades to the property. Remodeling your home will increase its worth. The value will decrease if other similar homes in the area have newer upgrades that you don't have. Installing things like central air and hardwood floors will help increase your home's value. So will bathroom and kitchen remodels.
Your house's value will be affected by where it is located. It's important for it to be located near schools, hospitals, malls major highways. No one wants these accommodations in their backyard, but want them near by. Other important note, a home located in a upscale, suburban neighborhood will be worth more than a property situated in a high crime, urban development.
Home values are determined mostly by the selling price of homes similar to yours in the neighborhood. In real estate, these are known as comparables. The outside of these similar homes will be inspected by the appraiser and compared to yours. Information from county and tax records will also be used in comparing them.
Below are threats that are not as easily fixed as the ones above but far more dangerous to a home's value.
Sex offenders as neighbors can send a home's worth plummeting. The closer one lives to you, the more your property's value will decrease.
Foreclosed homes also decreases a home's worth. Potential buyers are scared off by foreclosures.
The value of a home will be changed by the presence of closed schools. Property values will be heavily depreciated by a government in debt that decides to close some area schools. Possible home buyers who have families or want one will want quality schools open and available in the neighborhood.
Living 2 miles or closer to a power plant will lower your home's value from 4-7% according to a study done at Berkeley.
Be conscience of these possible problems and repair or avoid the ones you can. Find out what threats, if any, are around the area when buying or selling home and be aware how they affect home values.
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