Factors that Influence Resale Value

When Selling Your Home, it is best to know the value or how much does your home really worth. I’ve read some reports and here is what I’ve learned that could affect and influence the value of your home.

 

  1. Property Location

When selling your house most buyers or agents look at the location of your house. Is it near a school zone, the commercial districts and there a nearest emergency access. How far do they have to travel to reach their destinations? The buyers would use this as a comparison or an evaluation if the house would benefit them. Buyer’s most especially the ones who are raising kids would prefers houses near these establishments because of easy access and it’s future value one’s they decide to resell it. So before you sell your home–check its value, ask a professional or do a study to appraise your home.

 

  1. Properties Age and Condition

How old is the property or when was it built? Most buyer and agents would also look into this detail. They would want to know the condition of the house and all of its features and systems. If it’s an old house, they wanted to know if the place is fit to live in. Is the foundation good or will it collapse overtime. Are the pipes corroded or do they have to cash out to pay for the cost of repairs or replacement. Does the Electricity and Water pipes work? – Those are some few question that buyers would ask when looking for houses on sale.

Likewise if the house is quite old and in good condition its value would raise up because of its historical significance. So before selling you home like I’ve mentioned in tip # 1, investigate, study or hire a professional to appraise the value of your home.

 

 

  1. Events

Buyers also look for the history the events that happened of the property. Events took place in your home that could affect its value–Has there been a fire that could have damage a part of the house or that could affect its wiring? Has it been flooded? Was it a crime scene? — Buyers would want to check on that because those events could affect the functionality of the house. Such as its wiring or piping that could have been corroded because of the flooding or fire. Will they have to spend to pay for repairs cost. Or will the place be hazardous to health due to gas leak. Buyers would want to know if there are disclosures that could support these facts. Buyers would want to know if the place is safe to live in or do they have to worry of poisoning due to gas leak one day.

 

  1. Upgrades Made

Some misconception of sellers is that they have to upgrade their homes lavishly to get a better price. No – just because improvements were made to the house doesn’t mean it is worth higher. You have to consider the value of other properties in the area that could affect its pricing. You have conduct a CMA (comparative market analysis) if your house is within the value range of the rest of other houses in the area. Do not make improvements if it is not necessary else you will just be wasting money. Repairs are good as long as if it is important, keeps the receipts to assure buyers that the house is well maintained.

 

Bottom line is there are a lot of factors that you have to consider when reselling your home. These factors influence the value of your home and could guide you to get the right value for your home.

 

 

 

Credits and Source: –Thank You—

 5 Factors That Influence Your Home’s Resale Value – Susan Johnston Taylor

Wikipedia

Pixabay – photos

 

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