Home has always been where the heart is, despite that as-old-as-time cliché. But times change and we also start to get a change of heart.
When home doesn’t feel like home already, well, we move on. And move out.
With moving out comes an almost inevitable act: selling the house.
If you’re planning to move out and sell your once-loved place of dwelling, here are some factors that you may want to keep in mind in finding out the value of your house before you put in the market.
- Location
Is your home conveniently situated near the church and is just about a bus ride from the business district and an outstanding school for the kids? Then you’re letting go of a gem. The location of a house truly plays a vital role in determining its value. The neighborhood, the quality of schools that are near the area, and even its proximity to possible places of employment affect the value of your home, thus, also affecting its selling price.
Also take note that just because your home is near public places doesn’t mean its automatically valuable. Highly populated and congested areas have less value than the usual. It still depends on the quality of the place.
- Age and Condition
This is a bit tricky. In a common sense, it’s only typical to put it that as a property accumulates age, its value depreciates. The same applies for houses. The older a house gets, its resell value decreases. But there comes a point when a house becomes so old it starts to have historical significance. When that happens, you can expect the value of that house to go up. Newer homes also indicate a higher value as the quality of these houses aren’t compromised yet.
Condition also plays a big role since generally, no one would want to buy a house that will still incur costs for repairs.
- Renovations
Contrary to popular belief, renovations actually have the potential to damage the value of your house. That is, overdone renovations. You still want to keep your restoration pursuit at bay to maintain a level at par with the rest of homes in the neighborhood. Keep the renovations basic but make sure that other important aspects such as plumbing and security are well-maintained.
- Geographical Stability
If a home is located in areas that are prone to natural calamities such as flash floods, landslides and earthquakes, then unfortunately, the value of the property can’t be expected to go high as the area is deemed geographically unstable. Same goes for reclaimed areas or lands that are built from oceans or riverbeds.
- Negative occurrences
A property’s history plays a big enough role in its value and selling price. If the house has a recurring issue with termites, has had history with fire or had been witness to crime and deaths, chances are you can’t expect to have the house sold at a higher price.
The factors listed above are just some of the considerations that could vastly make or break the market value and selling price of your home.
If you are looking to sell your home but have no idea where to start, let’s talk. Aviso Valuation and Advisory will get you into the basics of property valuation and real estate, and help you with your moving on and moving out process, plus putting your home into the market with a price that is just right.
Source:
http://money.usnews.com
