Hello all my great readers!!
Cory Lowe and Trae Mindiola over at RepublicPropertyTax.com put together an informative article for our site about some of the major factors that determine a home’s value. Cory and Trae specialize in working with property owners to help them save money on their property taxes.
What Factors Determine a Home’s Value
You may not worry much about your home’s value, but it will be important when you finally decide that it is time to sell your house. Even if selling your home is in the distant future, there are things you can do now to make sure that you get top dollar for the property. Here are some factors that can affect the value of your home and how much you will be able to get for it.
The market is filled with homes that can be customized to suit the buyers, which means that your home will lose value if you have not done any updates. In order to improve your home, install granite countertops, buy modern appliances and install new carpet or flooring. You may even want to add a fresh coat of paint to the walls or update the light fixtures in each room.
If your house has any issues with the foundation or the structure itself, then your home’s value could drop drastically. In order to get the best price possible, you should make sure that the roof is in good condition and that there are no visible signs of foundation problems. You also should check the drywall of your home and identify any cracks that are greater than .25 inches wide.
Potential buyers will begin to make judgments about your home as soon as it comes into view, which means that you need to keep the exterior looking as nice as possible. If you have siding, make sure that it is clean and does not have chipped or peeling paint. Mow the grass, maintain the garden and remove any trash or debris from the property.
While it may seem as though the value of your home should only be based on the house itself, this is not the case. The other structures and features on the property also have strong influences on how much you can get for your home. Swimming pools can be either a detriment or a benefit depending on the market. A nice garage will raise the home’s value, and a good fence will appeal to those who want to define property lines or keep their pets and children safe.
The location of your home is the primary factor in determining its value. If you are close to railroad tracks or an airport, potential buyers may be concerned about the noise pollution. Nearby foreclosures could also cause the value of your home to fall, as will numerous rental properties in the neighborhood. Your home’s value may also be affected by rezoning laws and current crime rates. In order to reduce the negative effects of your home’s location, keep it looking as appealing and pristine as possible.
The value of your home is determined by many things, and you may not have control over all of the factors. The best thing you can do to improve your home’s value is to keep it looking clean and maintained so that any negative features will seem inconsequential.
Trae Mindiola works for Republic Property Tax in Houston, Texas. They specialize in commercial property tax disputes along with residential tax appeals.