Important Factors That Affect Home Value

Sometimes, it is quite difficult to put a specific price on a home for sale. There are times when you want to increase the value to get a high return of investment, you cannot just do that. Investors, interest rates, and sometimes the economy as a whole play some parts in determining how much a property should cost. Listed below are some other factors that can affect the depreciation or increase of a home for sale.

11. Location

The ‘where’ is important for buyers who are looking for certain places to live in. The location of a home can impact the lifestyle of the people living in there. How far or near is the house from schools, markets, malls, and other offices? Are there a lot of local employment opportunities? What is the quality of the schools? – The location also determines the kind of weather a buyer should be expecting. Does it always rain? Is the area frequented by harsh storms?

2. Inspection Report

Many buyers these days want to make sure that the house is already thoroughly inspected before deciding to make a deal. This is one less expense for them in case they buy. Getting professionals to inspect the house for pests and safety is now a must for sellers. The more certificates from different inspection agencies you have, the better your chance of demanding for a higher price.

3. Upgrades

Renovations, upgrades and updates are important in increasing a home value. These days, people look for homes that would not require them to spend a lot to fix-up and is move-in ready.

4. Comparable Properties

Agents and appraisers alike compare prices with sold homes from the same area with very similar features. It would just be too bad if a lot of homes in your area were sold because of foreclosure or short sales. They tend to pull down the market value of all the homes in nearby areas.

5. Appraisal Value

Aside from the real estate agent, an appraiser is often called to put an estimate on a house that is for sale, especially if a loan is involved to finance the property. Appraisers usually base their prices on the factors stated above and the economic trend. They follow a standard process for evaluating and adjust the prices based on them. If you are looking for a great real estate agent to help you with increasing the value of your home, check out Niel Timmins. He is one of the most recommended realtors in Des Moines. Niel Timmins offers flat fee home sales that you won’t regret.