4 Things To Understand About Your Home's Value
Neighborhood Comparisons
It's a great idea to have a home that is as nice as other homes in your neighborhood. It's also great to have a favorable comparison with other homes. To maximize your home's potential, first start with a home appraisal that shows you how your home compares with other similar homes of similar sizes.
The Purchaser
Your home's worth is only as good as the amount you can get someone to purchase it for. Your home appraisal will show how much your home is officially valued at. But many homes are worth far more than the amount at which they're appraised. These homes that are worth more than their appraised value are ones that have a high perceived value. They'll have nicer counter tops and upgraded cabinetry. They'll have a higher quality material in the bathrooms and have nicer flooring.
Making Improvements
Making improvements to your home are often costly. And in most cases, making these improvements are not a good financial decision unless you intend to live in the home for quite some time to enjoy the improvements yourself. Studies show that homeowners who remodel bathrooms, kitchens, and living rooms will only recoup 80 percent of the amount they invested in the improvements through resale.
Location, Location, Location
You want to make sure your home is in a good resale location, so you can more easily sell your property when it comes time to move. Home improvements are typically good ideas for property sellers when they are done to match the values of other neighborhood homes. Home improvements are not adding much value to a home when it's head and shoulders the nicest home on the street.
Related Tags: selling, buying, home value
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