Several factors affect resale value when you are ready to sell
How do you gauge what your home is worth compared to nearby homes? Obviously, location is always a key factor; so much so, that the same exact model in a neighborhood may appraise for less or more dependent on such determinants as the property’s proximity to busy streets or overhead power lines.
The following is a short list of variables that may have a dramatic impact on the potential market value of your home if you choose to list.
Proximity to desirable amenities
The old adage that location is important certainly is applicable. Being in a desirable neighborhood in a desirable part of town, has, and will always add value to a home. But, as equally important, is the homes proximity to desirable schools, parks and other local recreational activities. That that fact is especially true if the buyers are active by nature or have children that are in need of particular offerings. Another consideration is proximity (not too close) to highways for ease of travel and other daily or weekly necessities provided by such businesses as grocery stores and gas stations.
The age of your property
Recently constructed, “new” homes are most often very desirable; the highest appeal to buyers are those that already have landscaping in place with little need for required updating. At the other end of the spectrum, are the vintage or historical homes that offer charm via style and design that are not being built anymore. In the middle, are the homes that are going to have a more difficult time demanding top sale prices. “Tweeners” are the older homes often in need of repairs and/or remodeling and by very definition require additional influxes of money after purchase. If your property happens to fall in the “tweeners” category, be sure to make all repairs – and/or do needed remodeling (especially in the kitchen and bathrooms that have a high probability of being outdated) before listing the home and marketing it to potential buyers.
Harmful history
Was your house in a neighborhood that was subject to a natural disaster (earthquake or flood), a fire or even worse, a highly-publicized local crime – before or when you owned it? Was / is your potential listing in a “questionable” section of the city that is more prone to crime? Though time may have passed and circumstances changed for the better, buyers with the power of the Internet on their side can relatively easily find out any dubious history on the future listing. As has always been the case, being transparent and disclosing any issues – and pricing the property according – will go a long way in obtaining legitimate offers.
Square footage and “necessary” rooms
The vast majority of the buyers are going to be looking for a modest, three-bedroom, two-bathroom home. If you listing house is short on square footage, or conversely, abnormally large, you may in fact have a more difficult time of getting a premium price for the listing. If you do in fact have a smaller than average home (with less bedrooms or bathrooms) or a bigger than usual listing, make sure to point out the features and benefits that make each respective “anomaly” more desirable then they otherwise normally appear. Remember, you are trying to attract the greatest number of qualified and legitimate offers for the listing.
Your home is “out of its element”
Does your home have only one story and all the others around it have two? Is your single-family home very near a massive condominium complex? Or, perhaps, your potential listing is a historic home with an abundance of unique character. In any of these distinct cases, it may be very difficult for you and/or your mortgage lender to find appropriate and competitive comps for your listing – leaving you trying to convince the buyer’s lender of the legitimacy and validation of your sales price.
Missing curb appeal
Is your home very clean and nicely appointed inside, but lacks curb appeal for any number of reasons? If so, make sure to do whatever you can to maximize the exterior visual attractiveness of the property with a blemish-free driveway, well-kept plants and shrubs and a well-maintained fence. This is especially important if time and money are at a premium.