Buying or selling a property can be stressful for one and all. The biggest challenge is in determining a list price for the home that is as per the prevailing market rates. If you price the home very high, you will scare off the buyers and if you price it too low, you will leave a lot of money on the table. You need to understand the factors which influence the value of the home.
- Neighborhood area – When you begin to evaluate the price of the home, you need to start by looking at the prices of the homes in your area. It is helpful to consider the prices of recently sold properties so that you can ascertain the market value prevailing in your area. When you sell your home, the market valuer will compare the prices to prepare a report for the buyer. This report will help the financier of the buyer determine a loan amount. Hence, you need to keep the prices prevailing in the neighborhood area in your mind to fetch the right amount for the home you intend to sell.
- Location – The location of the property plays a crucial role when determining the sales price. Buyers like to consider different location indicators like proximity to their office and the quality of local schools within the area. Some buyers also seek proximity to shopping, recreational centers and entertainment. This is one reason why some neighborhoods have a higher resale value as compared to many others.
- Size – When you determine the market value of the home, you need to consider the size. A bigger home will impact the valuation in a positive manner. The value of the home is estimated in price per square foot, hence the larger the size of the home, higher its value. In addition to the square footage of the home, the usable space also makes a difference. An attic and garage will not be counted in the usable space. Living space, bedrooms and bathrooms are highly valued.
- Condition – The home which has been recently constructed will get a higher value as compared to an old home which might require upkeep and maintenance. Buyers wish to invest in a well maintained home which is in good condition and they are ready to pay for the same. You can sell your home through HomesInMeridian.com and ensure that you get the best rates for the same.
- Upgrades – Any update or upgrade on the property will boost its value. However, not every renovation is equal. This means if you replace the entry door, it will get you more on the property but if you incur expenses on the backyard, you might not really notice a surge in the selling cost. Upgraded kitchens and bathrooms can fetch you a higher market value.
You do not need to incur heavy expenses to increase the resale value. You can incur small and effective expenses on your property and increase the selling cost of the home.