If you are looking to sell or purchase a home, you should be aware of some of of the critical points that will define a home’s resale value. Many factors affect the value of a house. Some of the key elements from which you can get an idea of home resale value are:
The first thing everyone notices when they see a house is the exterior and landscaping surrounding the property. If the house looks good from the outside, then it will attract more buyers. Well maintained lawns, clean exterior siding, trimmed bushes, and clean driveways will make a great first impression to most home buyers.
Neighborhood Is Quiet
People want to relax and find peaceful surroundings in their homes. Busy highways and traffic sounds can influence your home price negatively and make it less appealing. On the other hand, if the surroundings of your property is quiet, you will likely have a better chance of marketing your property to a potential buyer wiling to pay a fair market value for your property.
Layout of the Home Matters
These days, most buyers love an open concept layout. If your home has an open kitchen with a bar stool countertop and the property does not feel ‘closed in’, you will attract a greater pool of quality buyers. The layout has to make sense and not feel chopped up. Good size bedrooms, bathrooms, living rooms all help influence a buyer’s decision.
Home’s Market Value
The price of the property must be in the competitive range within the market in your neighborhood. If the house price is higher than the neighbors, then there is a possibility that it will take longer to sell your home resulting in longer days spent on market.
The number of homes for sale in the area also affect the resale value of the house. If there are more homes in the area, the resale value may be affected. Even though we are currently in the middle of a Seller’s market, this is a consideration you must keep in mind in case more inventory starts coming into 2021 in your area.
Premises Surrounding Your Property
The services and amenities available in the area also affect the resale value of the house. If there are schools, hospitals, and shopping malls nearby, this helps boost the value of your property without a doubt.
Transportation facilities in the area also affect the resale value. If there is a sound transportation system available and mobility in the area is easy, more people will visit the site, increasing the chances of a higher home price.
Upgrades & Renovations
The upgrades in the kitchen and bathrooms should be a priority when deciding to put your home for sale on the market. These rooms are extremely important to a buyer, so making sure they are nicely updated and modern will help boost your home value.
A spacious garage for parking is also essential to increase your home’s value. Garages are especially super useful in areas that experience winter weather and colder climates.
Home Systems are in Good Working Order
Heating and cooling systems, plumbing, drainage, water heaters, and electrical systems are core parts of the house. No one wants to purchase a house with defects in these systems. If the home has more recent updates to the overall heating and plumbing systems, there are higher chances that your house will attract a higher price point.