If you’re thinking of selling your home, or you simply want to protect your investment, it’s important to know what your property’s worth. As you might expect, there are numerous factors that influence how much your home is valued at. To get an idea of how residential properties are valued, take a look at these five factors that affect your home’s selling price:
1. Neighborhood Comps
Neighborhood comparables are the properties close by that are similar to yours in terms of size, functionality, and character. By looking at recent sales figures and valuations of neighborhood comps, you can get an idea of how much your property might sell for.
2. Home Size and Functionality
Larger homes typically sell for a higher price, providing they offer enhanced functionality. A sprawling property won’t reach maximum value if the rooms are poorly laid out or there is a lot of wasted space, for example. Altering the floor plan to improve functionality or extending the property can, therefore, be a viable way of increasing the value of your home.
3. Well-Insulated Garage
Potential buyers are always on the lookout for homes that offer above-average space and functionality, which is why a well-insulated garage can have a significant impact on the value of a property. When a garage is properly insulated and fitted with heat and power, it can be used for a variety of purposes, such as a kid’s playroom, workshop, or even a home gym. With a few upgrades and new garage door installation, you may be surprised at how much the value of your property increases.
4. Age and Condition
The age of a property can certainly affect how much it’s worth, but its condition can be even more relevant. Older homes often carry a certain amount of charm and have plenty of character, for example, but they need to be well-maintained in order to retain their value. Regular maintenance and efficient repairs don’t just enhance your own living environment, they’re an essential element of property ownership, particularly if you want to increase the return you’ll get on your investment.
5. Upgrades and Curb Appeal
The aesthetic of your home also plays an important role in determining how much it can be sold for. When you update the exterior of your property, you can typically sell it for a much higher price. As garage doors take up a considerable amount of space at the front of the home, a new garage door installation can have a huge impact on curb appeal. Similarly, upgrading windows and doors can transform the exterior of your property and boost its value.
Maximize the Value of Your Home
Increasing the value of your home doesn’t have to be difficult and you don’t need a large budget in order to make important upgrades. By keeping your property well-maintained and making savvy upgrade decisions, you can boost the value of your home in a short amount of time. In the meantime, you’ll enjoy the benefits of a newly-updated home while you await a future sale.