Since every home is unique, determining your home value is unique also. However, there are several key factors that when taken together, determine your home value.
1. Location. You know the old saying, "Location, location, location." Yep, the location of your home is the biggest factor in determining your home value. Different cities have different values, and different neighborhoods have different values. A home in a desirable neighborhood will be worth more than the same home in a less desirable location.
2. Size. The amount of space in your home determines your home value. Most often we hear this concept expressed as the "price-per-square-foot" of a home. The most important space is the amount of heated/cooled square footage in a home.
3. Age. Unless a home has been considerably renovated and updated, the age will impact its value. Older homes - with older appliances, plumbing, electric systems, and roofs are more likely to need repairs and cost more to maintain. The value is less than a newer home where these expenses aren't incurred.
4. Features. Homes with top-end appliances, premium flooring, architectural details and molding, or recreational amenities such as pools and tennis courts will have a higher home value. Generally, an appraiser or real estate agent can estimate the value of each feature based on past sales data in the neighborhood.
5. Condition. It obvious homes in good condition that don't need repairs will be more valuable to a buyer, and will have a higher home value. Roofs, HVAC, and plumbing systems in disrepair will take a heavy toll on value.
If your curious about your home value, contact us for a free valuation - 850.445.2476