Real Estate Tip of the Week: Understanding Your Home Value
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?
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!
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.
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.