Determining how much your home is worth is a very important, albeit challenging, part of the home-selling process. Here, we’re sharing some tips on what you can do and what you need to take into consideration when putting a price tag on your home.
Think about the location
As cliche as it may sound, it really is all about location, location, location. When figuring out the value of your home, take the area, neighborhood, and nearby attractions into consideration. Are there restaurants, movie theatres, shopping centers, beaches, schools, or other popular places within walking distance? Or, does your home have easy freeway access for commuting to work? All of these factors add major value to your home.
Consider the square footage
Your home’s square footage is another important selling point. The more bedrooms and square footage you have, the higher the value. The trick here is to take all square footage into account, not just the obvious spaces like the bedrooms. Maybe your home has a roomy, second-floor landing that can be used as a mini office or a nook under the stairs that can be transformed into a zen meditation space. These flex spaces, however big or small, offer lots of possibilities which ups the worth of your home.
Whether you completely remodeled your kitchen, installed central air conditioning, or redid the floors, any improvements you’ve made to your home will instantly boost it’s worth and make it more attractive to potential buyers.
Use an online tool
There are tons of online valuation tools on real estate sites such as Zillow, Redfin, and Trulia that are free and easy to use and can give you an estimate of how much your home is worth. However, keep in mind that these are just estimates and don’t factor in the unique features that will make your home appealing to buyers.
The online calculators come up with a number based on a few basic details about your home and recent sales and listing prices in your neighborhood. So it’s a good ballpark number to give you a rough idea of how much your home is worth but we wouldn’t recommend relying on just these tools.
Hire an appraiser
Hiring an appraiser that is familiar with your neighborhood is another route you can take. Some of the downsides of this option is that it can cost a few hundred dollars depending on the size of your home and the area you live in, and the appraisal is only relevant if it’s recent which means if you decide to sell your home at a future date you’ll need to pay to get it appraised again.
Enlist the help of a listing agent
When it comes to determining the worth of your home, the best option we recommend is having a listing agent help you out. We’re big fans of DIY projects, but figuring out the worth of your beloved home shouldn’t be something you handle on your own. It’s best to bring in an expert who has access to more tools and way more experience.
In addition to your home’s location, square footage, upgrades, and recent sales in your area, a listing agent will also take into consideration one of the most important factors: emotional value. A listing agent will come into your home and pinpoint the features that make it special and will evoke emotion in potential buyers such as an abundance of natural light, a dreamy backyard, or French doors.
All in all, do your own research and use these tips to help give you a general idea of how much your home is worth. But, once you’re ready to sell, enlisting the help of a listing agent is definitely your best bet.
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