Keeping Up With the Value of Your Home!

Keeping up with the value of your home

Keeping Up With the Value of Your Home. Photo by @adobestock

How much is your home worth, and what affects the value?

Start with instantly learning the estimated value of your home by using our personal home value calculator. Next, for a more in depth evaluation you will want to contact us so we can perform a market analysis, taking in to consideration comps in your neighborhood and surrounding areas. This will allow us to give you an accurate assessment of yours homes value.

When assessing the value of a home you have to look carefully at many factors and conditions. Some of those factors and conditions may include:

  1. Local/Neighborhood Comparatives
  • Checking the sales price of homes that were recently sold in the area/neighborhood. The Properties will be comparable by…
    • Age
    • Home Type
    • Size
    • Number of Bedrooms and Bathrooms
    • Valuable Upgrades
    • Location
  1. The Age of Your Home: taking into account how well the home has been maintained.
  2. Size of your home and useful space: typically assessed by price per square foot.
  3. Location of your property: the more sought after the location is, the more your home may be worth.
  4. Supply and Demand: what is happening in the local market? Low supply and high demand may bring up the value of your home, and vice versa.

 

How can you maintain the value of your home?

Renovations that are worthwhile, because not all renovations prove to be smart investments:

  • Kitchen first and foremost: The kitchen is commonly the most used and lived in room of the house. Buyers are always looking for an updated kitchen. Be sure to keep resale into mind when choosing finishes, going for a timeless and clean feel is typically a safe decision. You can expect to get around an 80-87% return on investment for your kitchen remodel.
  • Curb appeal in a close second: This is what draws buyers in! First impressions are everything when it comes to selling your home. Consider updating the front door, the landscaping, and the condition of the exterior materials, as well as updating your garage door. Even though this all sounds expensive, it can be done properly on a budget and you can expect to get around 85-99% return on investment.
  • Updating bathrooms: Considering the bathroom is a frequently used room in the house, buyers are always looking for new updates. If your bathrooms are looking a little worn out, or outdated, consider a minor remodel. Estimated at around $10,000 to remodel the average bathroom, you won’t be disappointed when you receive an average of over 100% return on investment.
  • Useful outdoor space: Fixing up and or adding a Deck, Patio or Porch is one of the greatest ways to add value to your home, with demand for these amenities at an all time high. Make sure to create an inviting, relaxing and peaceful environment when remodeling, adding in things such as lighting and mature plants. Don’t worry, all this hassle will be worth it when you receive and average return on investment of 90%.