If you are either buying or selling a home, there is one important fact you will want to know: how much is the property worth? Buyers do not want to over pay for what they are getting, and sellers want to be sure they aren’t under sold. There are several factors that affect property value, and that dollar amount will constantly be changing over time. Because knowing what a property is worth will help you make informed decisions throughout the buying and selling process, here is a list of factors you should consider in finding your golden number.
One way to gauge a good starting point in finding the right price for a home is learning about the other homes in the same neighborhood or part of town. Websites like zillow.com can help you see what properties around yours has sold for recently, which can make good guide for choosing an appropriate price. Obviously, there are other major factors at play that will determine what one specific property is worth, but knowing the community average is still beneficial.
Having “Good Bones”
If you hear a real estate agent or inspector say that a house has “good bones” they are referring to the structure itself not considering decor, appliances, or over all condition. A house with good bones means it has a good foundation, is built well, has a properly functioning roof and plumbing, and that the property, in general, doesn’t have any blaring structural issues that will drop the value. A poorly kept property with good bones is likely to sell for more than a property with nice appliances but a laundry list of structural issues. You should always hire your own inspector in order to make the verdict on this!
One commonly asked question is whether or not the landscaping should affect the property value, and it absolutely does! Curb appeal plays a huge factor in the eyes of the seller. Think about it! First impressions stick with you, and when you pull up to a property, the lawn is a huge part of a buyer’s first impression. Well kept grass and mature healthy trees can even boost property value by 10%, so if you are considering selling your home, you might want to invest in a little shrub trimming! This is especially true if the neighbors have similarly maintained lawns. When it comes to buying and selling a home, comparison has a lot to do with the end price.
You can pretty much gather when a house was last renovated when you walk in. For instance, shag carpeting or busy wallpaper designs scream “you’ve just stepped into the past” and no one really loves that feeling when buying a home. Some home decor trends come and go every few years, but many offer a timeless look like neutral cabinets paired with granite counter tops that compliments them.
The best way to pinpoint a good price for a home is buy working with a local real estate agent! They will know the neighborhood trends and can help you walk into a good investment for your money! If you’re looking to buy or sell a home, one of our agents at The Damron Group will help you take every factor into consideration in making the best decision for you in your home buying or selling process!