Home valuation has a different factors to consider with, namely Place of the property or Location of the property, History of the Property, Renovations or Upgrades, Age and Appearance of the property and Its Size and Lay Out. Home value varies and changes after one of these factors changed.
- Place of the Property
The value of your home varies or depends on the location or place of the property itself. Homes or property in suburb is less expensive compare to homes or properties in downtown. Which more likely because of the life and cost of living are different from each other. For example, there are lots of establishments and transportation in downtown compare to suburb, mostly of the schools and universities are located in Downtown. So, if you are going to buy a property or sell a property you should be aware on this factor, the location of the property.
- History of the Property
This signifies the facts and events happened to the property, includes if the house was burnt, if there is criminal event happened , molds issue, and other related matters concerning the history of the property. This factor will greatly affects the value of the home or property, for example, if there were criminal records or crime happened in the past, definitely no one or most of the buyers are going to back out or cancelled the offer.
- Renovations and Upgrade
This factor will surely pull up the value of your home or property. When you upgrade or make some renovations on the property itself, invest money to it , you must seek for home appraiser to reevaluate your home. This factor is the most common driver of changes on the value of your property. And it is usually and will always be the reason of the value of your home to go up.
- Age and Appearance of the Property
All of the home appraisers base their evaluation on what year the property was built and its appearance. Mostly, old houses have a lot of repairs or damage that needs immediate concern and causing the value of the property go down. That is why home owners really opt to renovation now a days, not only for them to maximized the potential income or value of their property but specially their safety while residing or living in their home. Molds , Open electrical wiring, water damage , presence of asbestos and other fire hazards are the reasons why the age and appearance of the property really varies.
- Size and Layout of the Property
These two factors are merely one of the most important when the home appraisers estimating the value of the property. The Size obviously matters, the larger the area the expensive it can be. Meanwhile the Layout or the character of the home or property is also great factor of having a high value of a property. Layout also includes the concept of the home, exterior and interior.
Hope you can find these lists very helpful in guiding you and have the awareness if the property you are buying is too expensive or selling the property too affordable. Always remember to consult at least two to three home appraisers for you to have an accurate value of your property.