What Affects Your Home’s Value

Sellers are looking to get the maximum amount for their home, and some have an inflated idea of what to expect when finding the value of their home. Do home renovations truly give you a big return on your investment? Take a look at these important factors that impact your home's value. 

Location

You know what they say – "location, location, location!" Is your home in a quiet neighborhood, is it located on a court, does it back to open space, does it have unobstructed views, is it walking distance to nearby shops, restaurants and schools? These are some of the things that typically come to mind when we of location. But location is also affected by factors on a larger scale such as the quality of the school district, the sense of community and ease of access to commute routes. 

Layout and Condition

The layout is a big factor because even if you don't have a 3,300-square-foot home, an open concept can make your 2,000-square-foot home look just as spacious. The condition of the home also matters. Buyers are more willing to pay $20,000 more for a home that is in excellent condition than they are for a house that needs $5,000 worth of work. Buyers are forced to pay top dollar for homes these days and more often than not, they expect homes in top condition in return. 

Putting in the Right Upgrades

Renovations can positively affect your home's value, especially in areas like the kitchen and bathrooms. Unless you live in an upscale neighborhood where built-in wine cellars and chef's kitchens are considered normal, you may want to save the money on expensive finishes and go for the more basic options. Even the basics like fresh paint, new flooring and new countertops can go a long way in updating the appearance of your home. You should also be sure to keep a record of the repairs and upgrades to show potential buyers that the home has been well-maintained and taken care of and how much has been invested.

At Arrive Real Estate Group we take pride in not only trying to get you the highest price for your home but also helping you net the most. We recommend the improvements that will give you the best return on your investment. Even if you aren't ready to sell but have questions about what improvements to make, give us a call. We are always happy to help so that you are prepared for when the time comes that you are ready to sell.