Real Estate Tip of the Week: Understanding Your Home Value

Posted on | November 16, 2020

Wondering how an appraiser might value your home? Appraisers have a variety of categories they work through while walking through your home.

There are elements that raise or lower the value of your house – so, what are they?

Location

When you purchased your home, you thought a lot about where it was in relation to work, family or friends, your children’s schools, etc. – but appraisers look at different categories when it comes to the location of your home.

They’re looking at:

  • The quality of schools
  • Employment options
  • Proximity to shopping, entertainment, and recreational centers

Sometimes a home’s location is more important than the size of the house!

Home Size

Speaking of home size – this is still an important factor when it comes to appraising your home’s value.

The value of a home is estimated in price per square foot. If a 3,000 square foot home sold for $300,000, the price per square foot would be $200.

Features

The added elements to your home will also add to its value. Your home’s garage, fireplace, backyard, patio, etc. all can increase the price of your home.

Interior & Exterior

Obviously, what goes inside and outside of your home matters. Appraisers look for high-end materials that buyers are searching for. Think hardwood floors, stainless steel appliances, stone or fiber-cement siding, updated roof and plumbing, etc.

Your home is something to build upon – if you’re looking to sell, it’s important that you research and see where your home might land in its value.

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