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Understanding the factors that affect a home’s value is crucial to the selling process. Below, we’ve outlined 5 factors that can increase or decrease the value of your home.
Location is one of the most important elements used to determine the value of a home. Things like neighborhood, school district, crime rates, and more can all positively or negatively affect home value. Additionally, access to major highways and vicinity to amenities like shops, grocery stores, restaurants, downtown, hospitals, and more affect home value.
Size is another important factor used to estimate home value. Often, people consider price per square foot (sales price divided by square footage of the home) when making these estimates. In general, more square footage correlates with higher value, but the amount people are willing to pay per square foot varies greatly and is dependent on other factors as well.
It’s also important to consider livable space, usable space, and layout. Livable space does not include areas like unfinished basements, attics, and garages. According to the National Association of Home Builders, bedrooms and bathrooms are the most highly valued spaces, and adding bedrooms and bathrooms to your home can increase its value by up to 20%.
The age of a home can potentially decrease OR increase the value of a home. Often, newer homes are worth more, however, older homes are sometimes appraised higher for their historical value. Age as a factor is largely dependent on condition, specifically relating to integral home features like the foundation, structure, electrical work, plumbing, and fixtures.
That’s where renovations come in. Home updates have the potential to greatly increase home value. However, not all home upgrades are equal nor do all home upgrades provide a worthwhile return on investment. For example, less than 50% of backyard patio improvement expenses will be recovered when a home is sold, but front door upgrades generally see over 90% ROI. According to the National Association of Realtors, home buyers cite bathroom and kitchen upgrades as the most important home renovations.
5. Market & Economic Factors
Market and economic factors that can affect the value of homes include things like:
Interest rates – higher interest rates can increase the cost of variable mortgage payments which can make home buying less attractive
Supply/Demand – if supply increases faster than demand, house prices go down; if demand increases faster than supply, prices go up
Economic growth – when economic growth leads to wage increases, demand for homes increases, which in turn increases the prices of homes
If you're ready to put your house on the market or have questions about how to determine the value of your home, contact Blue Ridge Properties at 423-247-4181. We'll be happy to answer any of your questions and provide professional assistance!