Being a homeowner, it always in our mind that what would be our home current value. Even if we know it today we will still want to know it’s worth after few months. The reason is due to continuously changing property values in the world.
It is not important that you are thinking to sell your home or just want to know it’s value, it’s important that you should know what key factors are there that determines it’s current value. Let’s have a look at those five key factors that play important role in making the value of your property.
1. Building Envelope
The building envelope of your house that includes siding, windows, and roof must be good in condition. It helps you protect your home from the elements. Let’s suppose if you have bad or damaged roof, it will surely lower your house value between 1% to 5% and sometimes more.
Furthermore, if your house has old damaged windows, it will also impact on the current market value because it affects energy efficiency. So these points are important to consider and must be taken care of.
If you have no basement it will affect on your home’s value but if you have good basement then it will add some square feet to your home that will directly increase your home value. And if the basement is not properly finished or is damaged then it can lower your home value. So you must decide and take care of basement also.
Kitchen is the most important portion of your house. It has the same value that you have for bedroom because without it you can’t cook and eat and have to get the food from the restaurants every time.
Having a fully furnished kitchen can greatly impact on the home’s current value. But if it is outdated and is damaged then it will impact badly on your home’s value between 10% to 20% or even more. For good modern and furnished kitchens, 10% to 20% value can be increased.
Having a landscaped yard can positively impact on your home’s current value. It is important to have yard and landscaping to enhance the curb appeal of the home. Having a landscaped yard attracts more buyers and investors and your value can be increased between 3% to 7% and that is much.
On the other hand, if you have damaged or poorly maintained yard, it will surely impact the value and less buyers will be interested in buying your home. So you must take care of this point also.
Most of us skip this point or think it is not important. In every country, it is the most important point to consider. The reason is having good neighbour will directly impact on your home’s value but if your neighbour is aggressive and is rude in behaviour then mostly buyers will skip your home.
Furthermore, if your house is near factories, schools, hospitals, universities, and shopping centers, then it can increase your home’s value much between 10% to 15%.
How To Calculate Your Home’s Value?
In order to calculate your home’s value, you must hire a professional Realtor because they can see the things that you avoid but they have impact on the value. A professional Realtor will consider each point and will then calculate the value of your home.
You can keep the above 5 points in mind but they will only for you to guess the value but not the confirmed value. The confirmed value can only be calculated by professional Realtor. Moreover, if you want to know on your own, you can use any online home valuation tool but I recommend that you must not rely on any tool because they are programmed and the market changes everyday.