The Value of Your Home
In a neighborhood of similar homes, why is one worth more? That's the question that's teased buyers and sellers for ages, but the answer is simple.
Every home is different.
When a home sells, a willing seller and a willing buyer determine the property value with the sale price. That price then becomes a benchmark for similar homes, but other factors come into play. The most important are:
The closer a home is to jobs, parks, transportation, schools, and community services, the more desirable it is.
Square footage impacts home value because a more prominent home requires more building materials, giving the homeowner more usable space. A larger lot size could mean more privacy than a smaller one.
Number of bedrooms and baths
Additional bedrooms and bathrooms raise the value of a home compared to similar homes that do not have those rooms.
Features and finishes
Features such as outdoor kitchens and spa baths make a home more luxurious. A home finished with hardwood floors and granite countertops will cost more than a home with carpet and laminate countertops.
The closer a home is to new construction, the more it will retain its value, perceived as more modern, up-to-date, and safer. Homes that need updating or require repair sell for less factor in the cost of updating and eventually replacing appliances and systems.
From the street, the home looks clean, fresh, and inviting. New landscaping and flowers won't change the size or location, but they certainly add charm.
When two homes are identical in the same neighborhood, a higher price may come down to something as simple as views, paint colors, or the overall taste of the homeowner.