Everyone wishes to increase the value of their house, it can be either maintaining it for a good look or for selling purposes. You must be very curious to know the value of your home. There are a few important factors that can affect the value of your home. Many sellers often underestimate or overestimate the price of their homes. And this mistake leads to homes selling too quickly or not selling at all.
You would be wondering about what factors you can consider determining the value of your home. Here, I will be listing some of the factors which will help you to determine the value of your home and how can you improve it.
The most important factor when it comes to home value is the location of the property. Your property’s proximity to everything will affect its pricing. For instance, if your property is near markets, highways, malls, and tourist places then, it must have a higher value than the property located away from all amenities.
In addition to this, the city’s housing market plays a crucial role here. Market value can depend on the quality of schools and employment opportunities close to your house. Homes located in large cities such as New York, San Francisco, and Washington have relatively higher market value than houses located in other parts of the country.
If you are planning to buy a new house for investment make sure you invest in a place that is developing or growing to develop in near future.
Size of Your House
The size of the house is another factor when estimating the value of your home. Obviously bigger houses have a positive impact at the time of valuation. Home sellers generally estimate the price per square meter. For Instance, if your house is in a total of 1,500 square feet and the price per foot is $100, then the house selling price would be $150,000.
In addition to this, home usable space is also considered a determining factor. Usable space is the one that is livable such as a number of rooms, kitchen, store, and washrooms. Whereas garages, Unfurnished basements are not considered usable space of the house.
However, the livable space is most valued and appraised. Let’s say you have 1500 square feet and out of which 1000 square feet are the livable space then only 1000 square feet will be counted as usable square footage.
Age and Condition of Your Home
Generally, new homes have a higher value. In fact, it is true everyone will prefer new homes as their major parts like rooftops, electricity, technology, and plumbing are new, hence chances are at least that they will break and cost buyers savings.
Many buyers consider buying a fully furnished, move-in-ready home. For instance, if your home has all the new technology such as installed smart devices and a trendy washroom, then it will surely go a long way rather than a house without these facilities.
Moreover, what is your home condition and how you have maintained is just as important as location and size. Here, it is fair to say that just because your home is old does not mean that it’s worthless. So make sure that you regularly maintain your home. Go for renovation if you wish to improve the condition.
Update the Look
Upgrading the look adds to determining the value of your home. So, don’t worry if your house is old and has outdated features, you can always go for improvement. You can simply ask an interior designer to do it for you or else if you want to save your money then you can plan your home project yourself.
There are a few projects that can add value to your home. You can select according to your budget or you can save for later.
- Flooring: Wooden flooring is most trending now.
- Kitchen remodeling
- Converting your traditional washrooms to spas and sauna.
- Installing Smart Technology
- Installing energy-efficient appliances.
- Upgrading the look of your washroom
- Addition of a swimming pool
- Terrace Gardens
Economy: point of reference
The economy equally plays an important role to affect the market value of houses. That means the individual capacity to buy and sell is a key to determining the pricing. So in the growing economic conditions, the sales will increase and it may struggle in slower economic conditions.
For instance, If wage growth slows then maximum people might not be able to afford a home and there may be fewer opportunities for relocation. So, it is very crucial to keep up with the current status of demand and supply if you are planning to sell or purchase a house.
It is very easy to avoid these mistakes when you know all the factors. Now, that you have read all the points mentioned above, I hope, you find them helpful in determining the pricing. Also, the value of a house also depends on how secure it is. So, it’s recommended that you hire bodyguards in Dubai or a home security expert, who can guide you in following the right approach to securing your house.