| When determining a homes value, real estate agents | | | | buy a home in bad condition to fix it up and sell it for |
| and appraisers use many factors. They do a lot of | | | | more money. However, these buyers will pay a lower |
| research to make sure the value they assess is going | | | | price, and you will not see a great value out of an |
| to either get your home sold in a timely manner, if it's a | | | | investors purchase. |
| Realtor(R), or make sure an appraisal is going to | | | | 3. Curb Appeal - The curb appeal of a home can be |
| satisfy a banks loan conditions, if it's an appraiser. | | | | determined by a number of things such as: New paint, |
| These factors are important to keep maintained, and | | | | landscaping, appealing to the eye, no garbage, clean |
| are even more important when you are looking at | | | | look, and well maintained. The saying you can't judge a |
| buying home, because some of them can't be | | | | book by it's cover doesn't apply to real estate. People |
| changed. | | | | will look at a homes outside, and judge it instatnly, even |
| 1. Location - The location of a home is un-changeable, | | | | if the inside is very well done and the outside is |
| and it's also the most important factor in determining | | | | average, it will still be hard to sell it. If you are planning |
| the value of your home. The reason location is the #1 | | | | on selling a home, it's a great rule of thumb to clean up |
| factor, is because you can't change where a home is | | | | the yard, as curb appeal can not only increase your |
| located, and if the home is near something undesirable, | | | | homes value, but it can also help your home sell faster. |
| the value of that home can plummet drastically. For | | | | 4. Amenities And Upgrades - Those little extras can |
| example, say your home was built, and 5 years later | | | | really improve the value of a home. Amenities such as |
| your city installed a trash dump next to your home. | | | | granite counter tops, custom cabinets in the kitchen |
| The value of that home would go way down, as most | | | | and bathrooms, master bathroom, walk in closets, |
| people wouldn't enjoy living next to a trash dump. | | | | hardwood floors, new tile, decks and patios, fenced |
| When you are in the process of buying a home, it's a | | | | yards, sprinkling systems, and new window coverings. |
| good rule of thumb to find out the zoning laws around | | | | These are the things you can do yourself to really |
| your home. You can obtain your local zoning | | | | bump up a homes value, but before you undertake a |
| ordinances from your county assessor, or a local city | | | | DIY project, it's always good to consult a local real |
| zoning department. Be sure to find out what type of | | | | estate agent. Real estate agents can help you decide |
| commercial buildings, or busy roads are planned in the | | | | what upgrades are going to add value to your home, |
| near future for your area. Your real estate agent | | | | and which upgrades will bring the highest return on |
| should also have a their ear to the ground, and should | | | | investment. |
| be able to educate you on the city plans for locations | | | | 5. Local Market - All real estate markets are local, and |
| they service. | | | | no matter what the national news says, your value of |
| 2. Condition - The condition of a home is something | | | | your home is determined locally. When real estate |
| you can add to or take away from. The condition of a | | | | agents and appraisers assess the value of your home, |
| home is controllable, and can create great value if a | | | | they use recently sold properties as comparables. |
| home is well taken care of. The reason a homes | | | | Each market is different, and determining a homes |
| condition isn't as big a factor as the location is because | | | | value is a science. Ultimately, your homes value is |
| some people don't worry about the condition. Investors | | | | worth as much as a potential buyer will pay for it, and |
| usually look for homes in poor condition, and they will | | | | the real test to a homes value is to put it on the |
| upgrade or fix the home up to get a better value. This | | | | market and see what you can get out of it. |
| is called flipping, and there are a lot of people that will | | | | |