Often times when buying a home, buyers only think of what suits their needs at this moment, and the duration of their time living there, and forget to think about the homes resale value. Although buying a home is exciting, fun, and sometimes emotional, it should really be thought of as a business decision. This is a huge investment, and you want to make sure its a good one. Here are a few things you’ll want to consider that will affect your homes value down the road.
The location of the house influences value more than anything else. Homes in the best neighborhood, or maybe closer to the beach, attract a larger pool of buyers, and when our marketing blitz is executed, and we let buyers know about our exclusive programs, competing buyers generally push up prices. Who doesn’t want the most amount of money for their home after all? Click here to get your home’s instant value.
Although the “perfect location” is pretty subjective, most buyers want the following features:
- Interior Tract
- Good School District
- Walkability to restaurants & shopping
- Close proximity to the beach
- Close proximity to freeways
As a result, homes with exposure to major streets or that back a shopping center often sell for less due to the noise and safety level. On the contrary, homes with views of the ocean, a golf course, or harbor will sell at a premium.
Configuration of the home
Regardless of the square footage of the house, the configuration of the rooms plays an important role in establishing resale value. For example, bedrooms and bathrooms with poor layout or functionality could negatively impact the value of the property.
Here are some common items that will usually raise the resale value:
- Open floor plan
- Upgraded – functional kitchen
- A true master bathroom
- Laundry Room
Additions & Renovations
Some remodeling projects can add instant value to your home. Quick kitchen fixes like replacing cabinet doors or adding new sinks and faucets can give your kitchen the face lift it needs & increase the value at a fairly low, out of pocket cost. Adding a master bath to give the home a “true master” can add value as well.
Lastly, The Role of the Agent
The value of your home is affected by external factors, such as unemployment, neighbors upkeep on their homes, city improvements, etc. HOWEVER, an experienced real estate agent can help. We agents at The Adams Group have expertise in pricing. We will prepare a Fully Adjusted Fair Market Valuation of your home using appraisal guidelines to come up with the value of your home rather than present range of values that could be too high, or too low.
Thanks for checking out this weeks Tip Tuesday. If you’re looking for an agent to help you buy or sell a home, give us a call or text today!
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