If you’re planning on putting your home on the market, it’s crucial to understand your home’s value. With an accurate understanding of your home’s value, you can better plan for the selling process and the proceeds that you’ll earn after the sale. Plus, by learning about the factors that influence the value of your home, you can take steps to increase its value before putting it up for sale.
A key factor in gauging the value of your home is comparable homes in your neighborhood. The price that other homes in your neighborhood have recently sold can be used to estimate the value of your home. For real estate agents, comparable homes provide key information on which to base your home’s valuation. That said, comparable homes will always be different from your own in some ways, which requires more information to be considered as your home’s value is determined.
Home values are, to some degree, calculated based on price per square foot. In different neighborhoods, the typical price per square foot that buyers are willing to pay can fluctuate significantly.
Beyond the basic question of square footage, the amount of usable space in your home is important to note. Typically, unfinished basements, attics, and garages aren’t considered usable space. So, while these areas may contribute to your home’s square footage, they won’t necessarily have a positive impact on your home’s value.
Newer homes typically have higher values, given that wear and tear, along with other types of damage, become more likely to impact home with age. Buyers generally include an inspection contingency in the contract to prevent large repair costs after purchasing the home.
Renovations can offset a home’s age and add to its value. Especially if an older home has dated appliances or other features, renovations can make a big difference in the home’s valuation. Of course, renovations are an investment, so homeowners need to weigh the cost and benefit before making any updates.
By knowing your home’s value before putting it on the market, you may gain the opportunity to increase its value. For example, if the comparable properties in your neighborhood had energy-efficient windows and brand-new flooring, upgrading some of your home’s features to make it competitive can justifiably boost your asking price.
Understanding your home’s value will also give you a good idea of what to expect from the sale. This is essential for financial planning purposes, especially if you plan to use the proceeds from the sale to purchase a new property.
Working with an experienced real estate agent can ensure that your home sells for the highest possible price. To work with an expert real estate agent in South Florida, contact the Great Florida Homes team today!
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