Are you planning on putting your home on the market? Determining the value of your home will help you price your home accordingly. There are several factors that determine a home’s worth. Some of these factors have nothing to do with the home itself!
Let’s start with the factors on the outside that are for the most part, beyond your control.
Your Neighborhood: Where you live is probably one of the most influential factors in the home price. The same type of home can be almost double the price depending on the area. Other factors are how appealing is your neighborhood? Is the crime or poverty rate high? Does the community consider it a unsafe place to live? These factors will deter potential home buyers from even getting to your street, much less your home.
Community Factors: If you live in a area with high quality schools, the value of your home automatically rises. This is a crucial factor in families looking to relocate. The right or wrong school district can make or break the deal.
Safety issues: Even though you might live in a high quality area, you may be at a high risk of natural disasters which deters some potential home buyers. Earth quakes, hurricanes, heavy snowfall, flooding and wildfires are just some of the natural disasters that can hit a home. Most home buyers know of the areas that are more popular for experiencing these events.
Economy: What is the job availability in your area? Is the economy on the rise, or is your neighborhood experiencing massive layoffs and unemployment. Although most people from out of town relocate with a vocation already secured, some simply move on the assumptions of what they have read or heard from other’s. In more tourist locations, people assume the job market is saturated with employers needing workers. If your city is known for good job security, the value of your home should see a slight increase compared to similar homes.