What is Your Home Worth?

Your house is your home and to you, it’s priceless because of the memories it holds and the nostalgia that comes with it. But, to a prospective buyer, it is just a house they’re potentially awaiting to turn into a home and hence they look at it differently. Ever wonder what exact factors and criteria are analyzed as the value of one’s abode is determined? Here are some tips to keep in mind:
 
Primarily and it is so cliché but, location is King. When one’s house is being assessed as a potential home, buyers are looking at most predominantly the proximity to schools, proximity to work, proximity to busy roads, landmarks, shopping centres and other places of social interest. But of course this is also a personal preference as what each of us values is different from one another, and that value will affect what we are willing to pay to obtain certain characteristics.
 
The state your home is in is another significant factor of value consideration. Is your home older with minimal upgrades? Or have you gone through and updated the paint, floors, finishings and appliances. This factor is hit and miss in terms of appealing to a consumer since one never knows who the precise consumer will be. Your home will be viewed differently (and hence, valued in terms of an offer) through the eyes of someone looking for a fixer-upper compared to someone who is looking for modern and ready-to-move-in. According to stats, an upgraded kitchen and upgraded bathroom are the most important upgrades cited by home buyers, simply because of the immediate nature of use of these locations in a home. Need to replace the roof before you sell? Stats indicate that approximately 80% of the price spent on a roof upgrade is recouped in value when a house is sold.
 
One shouldn’t spy on their neighbor but in this case, you kind of have to. When determining the value of your home, the value of comparable houses in your street, in your area, will be considered. Homes with similar types of features will be used as a benchmark to guiding your home’s potential price and worth.
 
Your home’s inspection report will affect the final price tag for it because the more deficiencies listed on an inspection report gives more room to barter in haggling the price down for a potential buyer.
 
On a larger, macro scale, factors such as the local economy, interest rates, and demographics of a certain community will affect the price of your home. Government policies such as the nation’s mandatory stress test for purchasing a home will also affect the price of your home since such rules alter real estate purchasing power and hence, affect the competition in the market.
 
Feel free to contact us to offer you a free quote on your home and if you have any questions as to the finer details of what’s in your home’s worth.
 
Mark
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