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Building Equity: 4 Factors That Contribute To The Value Of Your Home

Written by Posted On Tuesday, 01 November 2016 15:59

Homes are not just the place you rest in and spend time with your family; they are also an investment. In fact, it's probably the biggest investment most people make in their lifetime. That's why it's important to know which factors contribute to the overall value of the home, if and when that time comes to sell.


Kitchens And Bathrooms

You will often hear real estate agents say that kitchens and bathrooms are what will sell a home. If you have money for improvements, this is a good place to start. Even small improvements to these rooms, like repainting the cabinets or buying new hardware, will pay off.


Square Footage/Additional Rooms

The square footage of a home is another factor that determines the value of houses. A homeowner will need to check with their city before building an addition, but even a small addition can add value. If that's not in the budget, even something as simple as adding a small powder room can also reap financial rewards down the road.


Curb Appeal

It doesn't matter how wonderful a house is inside. If the outside is falling apart, most buyers will not even want to go inside to take a look. If working outdoors is not your thing, or the task of cleaning up outside is too daunting, then look into hiring a landscaping service--at least initially. Communicate with them about your needs for a nice-looking, yet low maintenance yard, which you can just upkeep with minimal effort until the time comes to sell.


Aesthetics And Overall Condition

You may like that bright orange color on your wall, but a potential buyer may not be able to see past it. Stick to neutral paint colors if you are looking to sell your home in the near future. Also, don't forget about including information about maintenance. It may be tempting to some sellers not to disclose information about a broken water heater or bad roof. However, the majority of buyers will have the home inspected by a professional, who will find these problems. It may deter buyers completely or they may offer a price way below asking, citing these problems as the reason. When looking to put a value or price on your home, use professionals like those found at Mark Fox Company.


Your home is your investment and it pays to be knowledgeable about how you can get a return for your investment. Use the tips above to help you maintain your home and build equity for the future.

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