What really affects property value? You’ve probably asked this question if you’ve looked into selling your home in the near or far future. Or, if you’re looking to invest in a great home that can appreciate in value, this is something you’ll want to pay attention to! So what are some factors that affect the value of your home? Here’s a list of a few large factors.
You’ve probably heard of the three rules of real estate: “Location, Location, Location.” Why is it so important that it fills the top three spots for real estate rules? It’s what everyone looks at when buying a home. The number one reason a buyer purchases a specific home is because of its location, whether it’s where they’ve always wanted to be, its proximity to work, its proximity to school, how many restaurants, shops and entertainment areas are near by, etc. The location of your property will play a huge role in how much its worth.
The condition of your home will also greatly affect how much its worth. Although age also affects the value, if it’s well-kept, that can override the age of the property. If it’s been upgraded and had updates to the A/C, roof, utilities, etc and show obvious TLC, your home could sell for more. A well-taken-care-of home is worth its weight in gold.
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Upgrades are going to affect the property value as well, but it could be a positive or negative affect. Have you done necessary upgrades to keep your home current? If so, you’ll probably be pretty safe. If you do too many upgrades, and your home no longer fits the style of the neighborhood, it may have a negative affect on your property. You don’t want to overdo the renovations if the other homes in your area are modestly upgraded. You do want to make sure you upgrade your home to keep it from getting outdated though. Having carpeted walls or floral wallpaper could negatively affect your home value. Just be sure to keep your home up-to-date. No need to spend a crazy amount of money on renovations.
The size of your home will also have an affect on the value. Unless you live in the middle of a large city, having a tiny home won’t be worth much. Also having a ridiculously large home won’t as much of an ROI (return on investment) as you’d hope. The amount of buyers looking for a one bedroom house or a eight bedroom house are in small supply.
How does your home look from the outside? Is it welcoming? You want your home to look so great from the outside that every potential buyer wants to check out your home!
Along with having great curb appeal having mature trees and native plants in your yard can bump up property value. Native plants are always a huge plus, and mature trees are known to be a valuable asset (think shade here in Arizona). According to the University of Washington survey on an inman.com article, mature trees in a yard are worth 2% more, mature trees on the street bump up the value by 3%, and trees in the front yard can increase property value by 3-5%.
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If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.