Let R & R Property help you to understand your homes value before appraisal
Ready to sell your home? Before you put it on the market, it’s essential to know which factors affect your appraisal. Your home’s appraisal value, which determines how much it should be sold for, is determined through a wide variety of criteria. Knowing these criteria will help you avoid accidentally under- or overpricing your home when it’s time to sell.
Here are 5 important ways to understand your home’s value before it’s appraised.
1. Location, Location, Location
The location of your home is one of the largest determinants of your home’s value. This includes the neighbourhood you live in, as well as where you’re situated in that area.
The impact of the neighbourhood’s value is based on several factors, including:
- Crime Rate
- Proximity to Emergency Services
- Well-Maintained Roads
- Quality of Schools
- Proximity to Cities
The features near your home can also affect your appraisal value. For example, lakes, ponds, and beach access will add to your value, while railroad tracks and landfills will detract.
2. Age and Curb Appeal of Your Home
Newer homes don’t always command a higher value than older houses, as there are advantages and disadvantages to both. A notable advantage of homes built within the last decade or two is that they’re less likely to have major structural issues. However, older homes that have been well-maintained may attract a more niche market and obtain a higher value.
Whether your home is centuries-old or brand-new, having curb appeal is critical to your appraisal value. Ensure that the general landscaping of your property is top-notch, with no dead trees, piles of wet leaves, or overgrown lawns to distract from your home.
3. Number of Bedrooms and Bathrooms
The number of bedrooms and bathrooms in your home will strongly influence your appraisal value, especially when compared to other homes in your neighbourhood. Houses without a sufficient amount of bedrooms and bathrooms for the average family will typically sell for less. If you’re hoping to sell to families and raise your home’s value, you may want to consider adding or renovating one of your rooms into an additional bedroom.
4. Home Renovations
Speaking of renovations, your recent home renovations will increase your home’s appraisal value. This includes everything from fully updated kitchens to a new front door, as well as:
- Hardwood Floors
- New Exterior Siding
- Fresh Paint
- New Garage Door
- Replaced Windows
- Updated Appliances
If you think there are one or two rooms in your home that could use updating, know that renovating them will add more value to your home when you have it appraised. This is true even if you opt for small changes over full-room renovations.
5. The Market
The current real estate market in your area is going to have a major impact on your home’s value. Though you can’t necessarily control the market itself, it’s beneficial to be aware of how the market is doing to strategically determine the best time to put up your home for sale. There are multiple factors that influence whether you’re living in a seller’s or a buyer’s market, including:
- Interest Rates
- Mortgage Availability
- Buyer Confidence
- Economic Growth on Local and National Level
- The Number and Variety of Homes Being Sold Nearby
Consider Professional Help
Though you can take advantage of this information yourself, your real estate agent may help you optimise the value of your home and property. R & R Property can give you a realistic assessment of the market, determine the optimal time to sell, and we guarantee that you get the best possible value for your home.
