4 Elements That Truly Define Your Home's Fiscal Value

Written by Posted On Friday, 24 January 2020 13:10
4 Elements That Truly Define Your Home's Fiscal Value https://pixabay.com/photos/money-home-coin-investment-2724248/

Determining the value of a home is more complicated than most people realize, and a long list of variables must be taken into consideration. Here is a quick look at just a few of the factors that an assessor will look at when they are trying to figure out exactly what a residential piece of property is worth. 

Size 

It should come as no surprise to anyone that the size of a home is going to be one of the biggest variables in this equation. When many people are shopping for a home, two of the most important factors are the number of bedrooms and the total square footage of the home and property. If you plan on selling your home in the near future, then you might want to consider converting a spare study or attic into a bedroom. 

Location

The location of the home is another factor that could drastically change the overall value of your property. Waterfront homes are almost always going to be worth more than identical buildings in other locations. You must also think about what amenities and vital resources are near the home. That includes schools, parks, restaurants, entertainment centers, libraries, police stations, and hospitals. 

Building and Finishing Materials

There are two separate categories of materials that can impact how much a home is worth. The building materials that were used to build the framework and insulation could potentially have unwanted contaminants, and that will make the home much more difficult to sell. The cosmetic materials that were used to create features like the countertops and flooring are going to be important as well. To quickly increase the value of your home, you might want to consider updating some of the cosmetic features if they are more than a decade or two old. 

Utilities

While a working plumbing or electrical system probably won’t increase the value of your home by a significant amount, your resale value could drop by quite a bit if any of those systems aren’t properly work. That is why many specialists suggest taking care of major mechanical fixes before anything else. You also need to make sure that all of those key systems remain well-maintained throughout the years if you want to avoid expensive problems down the line. 

In addition to these variables, the state of the real estate market must also be considered as well. National and international financial trends will affect your home’s resale value, and those economic shifts can be very complicated.

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