6 Factors That Make or Break Your Home’s Resale Value

When preparing to sell, a variety of factors can make or break your property’s resale value. Even if you have prior experience in the real estate market, home prices can vary significantly from your initial estimates.

Accurate home valuations make the home selling process quicker and less stressful, and knowing the precise value of a home can help you negotiate a better deal and attain its full potential value.

Want to maximize the resale value of your home? Here are some factors to consider…

Neighborhood

A property’s neighborhood is one of the biggest factors for every homebuyer.

No two homebuyers are the same, each has their unique list of features and amenities they look out for. Appraisers, however, mainly consider the following indicators when determining the value of a home depending on what the area has to offer.

• Quality of Local Schools
• Employment Opportunities
• Proximity to Town
• Noise

Home Size and Usable Space

A larger home almost always has a positive impact on its valuation. However, square footage is not all there is to consider.

What concerns buyers and appraisers the most is a home’s livable place. Bedrooms and bathrooms are the most highly valued features of a home, so the more beds and baths it has, the higher it is worth.

Age and Condition

All things being equal, older homes are appraised at a lower value than newer homes. 

This does not imply that older homes will always be priced lower unconditionally. The real issue is the house’s integrity, which usually deteriorates with age. 

If the previous tenants ensured that the house was in tip-top shape, with all of its systems such as HVAC, electrical, and so on being properly maintained and accommodating for changing trends such as being more energy-efficient, will likely influence the home’s value higher.

Upgrades and Updates

If you’ve updated certain features of your home, it should be taken into account when determining the value of the property. 

Of course, some renovations have a higher return on investment than others. An updated bathroom or kitchen, an upscale garage door addition, and energy-efficient windows have been among the most valuable home renovations.

The Local Market

Property values fluctuate based on the condition of a home and its surroundings, but they are also impacted by the overall economy. 

If the local economy suffers a downturn, it’s almost certain that the value of the property will fall simply because no one will be planning to buy.

Curb Appeal

First impressions matter, even more so in real estate.

The exterior of a home is the first thing buyers notice. They are more likely to schedule a home visit to inspect the interior if the curb appeal appeals to them. Conversely, if the property’s exterior appears shabby, buyers may conclude the same about the interior.

If properly cared for, simple maintenance such as trimmed bushes and mowed lawns can go a long way to keep up with the competition and substantially increase resale opportunities.

Final Thoughts

Trying to accurately price a home is crucial. 

Your approach will be much easier if you narrow down the factors to the ones that have the most powerful effect on a home’s value. We hope this list helps you maximize the potential value of your home in today’s extremely competitive market.

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