The real estate property value is based on what buyers in the market will pay for the home. However, not all buyers are the same. For instance, a buyer might weigh the size and condition of the house over the location factors like jobs or schools.
We have outlined the most common factors that may influence the price of the home:
Location
The current home may be the perfect location for you since it is near your parent’s house or close to your job. However, appraisers consider primary indicators in determining how much value they will assign based on the property’s location, such as:
- Employment opportunities
- The quality of local schools
- Proximity to recreational centers, entertainment, and shopping
Additionally, a location’s proximity to public transit, utility lines, and highways can also impact the overall real estate property’s value.
Age and Condition
Newer real estate properties are usually appraised at a higher value. Since the home’s critical parts like appliances, the roof, plumbing, and electrical are newer, they are less likely to break down. In return, buyers can generate savings.
For example, if the roof comes with a 20-year warranty, the homeowner will save that amount for the next two decades.
Read: When to call a Plumber
Mold Spread
As the mold starts to grow quickly, it severely reduces your property’s value. The smell of mold makes visitors walk away without viewing the rest of the building. Remember that mold infestation can cause health problems, especially for individuals who are sensitive to spores. Particular types of molds can be hazardous, including black mold that can cause rashes, watery eyes, coughing, itching, and more.
Mold easily spreads out through the home, from furnaces to air conditioning to circulating fans. So, the best thing you can do is take advantage of mold remediation services. If you live in small towns like Teaneck, NJ, you can look for Teaneck mold remediation pros.
Size
Since bigger homes can potentially affect their valuation, size is a critical element when estimating the property’s market value. The home value is calculated in price per square foot, where the sales price is divided by the home’s square footage.
For example, you have a 2,000-square foot house, and it is sold for $200,000, which means the price per foot was $100. However, the price buyers pay per square foot still varies, depending on where they buy.
Read: 8 Reasons Why Your Home Needs a Redecoration
Usable Space
The property’s usable space is also critical when determining its value. Attics, unfinished basements, and garages are often not included in the usable square footage. For instance, if your 2,000-square foot home comes with a 600-square foot garage, then the livable space is only 1,4000 square feet.
From the buyers’ and appraisers’ perspectives, livable space matters most. Bathrooms and bedrooms are most highly valued. If there are more baths and beds a home offers, the more it is generally worth. On the other hand, this factor is very locally specific.
It may be challenging to determine the right listing price for your real estate property, but the above factors will give you valuable ideas. Plus, you can do some research and get the help of professionals.
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