Real Estate 101: 4 Factors That Influence the Value of a Home

Written by Posted On Thursday, 12 July 2018 08:45

Whether you are selling or buying a home, it is important to know what the home is worth before settling on it. If you are selling, you want to make sure the home appeals to your buyers. If you are buying, you want to invest in a home that is worth your time and money. The following guide contains four factors that influence the value of a home.

The Size and Appeal of the Home

The size of a home plays a big role in determining its value. Everyone wants to get the best for their money when looking at the price per square foot. A bigger house is usually offered at a higher price than a smaller house. The appeal of the home is another factor of its value. Remember, a traditional layout is easier to work with than a complex layout.

The Age and Condition of the Home

The age and condition of a home also play a role in its value. A newer home may include modern amenities and require less maintenance. The price of this home may be higher than an older home that features outdated amenities and requires more maintenance. However, you may find an older home that has been well-maintained over the years. You need to consider details such as the foundation, plumbing and electrical work of the home.

The Details of the Neighborhood

The neighborhood is one of the biggest factors in the value of a home. Everyone looks at the details of a neighborhood when buying or selling a house. One detail that is important is the school district, which can have a positive impact on the value. People also look at the crime rate of the neighborhood, and a high crime rate could negatively impact the value.

The Features near the Home

When you are looking into the location of the home, you want to look at the features in the area. A close distance to restaurants, shopping districts and major highways increases the value of the home. There are benefits of a home that is far away from everything, but the value of this home may not be as high as the home near the accommodations.

When looking into homes for sale, it is always best to ensure the home has high value. You want to learn about every house and the surrounding area before investing in it. A high value is preferable for a possible resale or forever home.

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