The home's value will be determined by what buyers are willing to pay. There are a couple of factors that could influence the price of your home. It is always going to be a challenge trying to accurately price the house. That is why there is a need for a compelling home valuation if the house is to sell in the shortest time possible. That is why you need to seek the services of a trusted real estate agent who will come up with the correct valuation for your home. Alternatively, you can contact Houston RE House Buyers if you're looking for home buyers who will not ask many questions. Here are some factors that could influence the value of your home.
Historical Sale Prices
The first thing real estate agents will look at is the historical sales price of the property. The price likely to be quoted will be close to the one it was recently sold at. A couple of factors could also determine the historical sales price, like the general state of the industry.
Neighborhood
Another factor that could determine the home's value is by looking at the sale of similar houses in the neighborhood. Similar houses are usually referred to as "comps." It could be a comparative market analysis or home appraisal of the other homes, which can be used to come up with an estimate. If you're looking for a home appraisal professional, you can search for home appraisers near me.
The challenge is you can't get the same value for any two comps, so you will need to make an adjustment to factor in the key differences. It may not be possible to do the whole process manually as individual details will need to be compared. There are home value tools that you can use to get an estimate based on the variables that are included.
Location
The location is a critical consideration that potential buyers consider when searching for a new house. A great example would be the Kent Ridge Hill Residences due to its strategic location. The buyer wants a place that is close to the social amenities. They don't want to drive for long distances to get to work or drop their kids to school. The three main things that a potential home buyer will look at in terms of location include:
- Employment opportunities
- The quality of schools in the area
- Proximity to entertainment, shopping, and recreational facilities
Such factors could determine the price of a home in a particular neighborhood. The closeness to transportation facilities is another location consideration that most people will consider when shopping for a new home.
Usable Space And Size
Size will be an essential consideration when estimating the market value of your home. An extensive house with usable space is likely to fetch more. The deal is calculated per square footage. The price per square foot is usually set at $100 in most states. That means a 2000-square-foot house can fetch up to $200,000 if all factors are constant.
The usable space is also an important variable when determining the home's value. Attics, garages, and basements are usually considered usable spaces in a home. The most important part is the livable space in the house. The bathrooms and the bedrooms are highly valued and could significantly impact the home's final value. According to the National Association of Home Builders, adding the bathrooms and the bedroom could increase the home value by up to 20%.
Age And Condition
A home newer home is likely to be appraised at a higher value compared with one built more than 50 years ago. The critical components like the HVAC system, plumbing, and appliances are likely to be newer,, which will have a bearing on the house's selling price.
Home buyers are willing to pay top dollar for move-in-ready houses. This is why most buyers will demand an inspection contingency clause in the contract, especially if they are buying the house through a lender. You can still sell your home without doing the repairs, but it might fetch less.
Upgrades
Doing some upgrades, however minor, could add value to your home. It should be noted that not all renovations can be recuperated, and that is why you should only spend on upgrades and updates that add value to the home. A fresh coat of paint always does the trick. Here are some helpful electricity-saving tips to improve the value of your house: Insulate geysers and water pipes and Track your electricity consumption and costs
