Since 2007, this question has become more significant than ever before. The reality is many things impact your home's property value and your home's value can fluctuate.
The many variables affecting the value of your home can be pared down to five key factors:
A familiar refrain: Location, location, location! Location includes the unavoidable variables of prices of nearby homes that have sold, the quality of community schools, and aesthetic of the area's community.
2. Size and Layout
With the arrival of "open concept design" and buyers' increasing demand for it, size and layout have become critical factors. Environmentally conscious buyers value a house that is "big enough" with a user-friendly layout offering all the modern amenities and flow.
3. Age and Condition
Typically, historic homes, new homes, and updated or remodeled homes will generate a higher value than their counterparts. The majority of buyers prefer to pay more for a house with completed upgrades than much less for that same house where they have to do the upgrades themselves.
Updates and renovations have a huge impact on your home's property value. However, it is critical that all updates are in keeping with what is common for your area, with an eye toward resale, including selections with broad, current appeal. Consider consulting with a design professional.
5. Negative Events
If your property or the immediate area has had any unusual issues, like an increase in violent crime or fire, flood, or mold in the home, the property values can be affected.
*It is very beneficial for the home owner to provide to the appraiser a list of any improvements which have been made to the house within the last 10 years," said Leah Lasley Shell, local appraiser. "The more information an appraiser has on updates and upgrades, the more likely value can be given for these features."
Remember: The highest possible sales price for your home is a moving target. An experienced Realtor can pinpoint your place in the current market and prescribe steps to take to increase the value and maximize your investment.