A guide to understanding what neighborhood features that determine the price of your house when you consider selling it.
Every home has its sentimental value. It is, after all, more than just a property you purchased for a set price. It gives you the privacy and freedom where you can be yourself because “my house, my rule”, remember? Moreover, you know that countless memories are building up there and you will keep on making one each day until you eventually come up with the idea of selling it. However, no matter how much worth those memories are for you, know this for sure, people who are about to buy it from you give zero value to them. Your personal feelings just have no part in determining your home value, at all.
Many factors amount to your home value with one of them being your neighborhood features. Therefore, to gain a better knowledge of what home value truly is, ways to determine it, and especially, the neighborhood features that become our main topic of discussion today, we will break them all down for you in this post.
Generally speaking, the worth of your house depends on how much your target market is willing to buy it. Hence, it’s very important to regularly assess the situation in the current market. Let’s take if more people are enthusiastic about purchasing a home in your area than the number of homes available, then you can raise the bar. Knowing how much your market will possibly value your home helps when you are ready to list it to the public.
So, what are the necessary concerns of the buyers when buying a house?
The valuation methods of home value are divided into 3 perspectives, according to credible.com. Each serves diverse purposes that we will elaborate on, in the following.
Simply stating, it is when someone sells his asset on the open market on a condition where he is not under the pressure to trade so he won’t cut the price to the buyers. Fair market value allows the sellers to act in their own best interest. The prospective buyers are considered knowledgeable about the characteristics of the asset to decide the value fair and square.
The value of your home is evaluated by a professional, licensed appraiser to get the price point on the worth of your home for lending. This is very essential in the loan underwriting process. The appraiser will be assigned by the lender that will be paid by the borrower. The appraised value for your home could be higher or the opposite and does not quite correspond to the fair market value. If your home is situated in a very prime and profitable area, a bidding war might occur because of the high real estate market demand. To increase the appraised value, homeowners can rely on home repairs and improvements.
Some of the factors that are taken into account by an appraiser are location, square footage, lot size, home conditions and design (interior and exterior), neighborhood features, home facilities (the number of rooms), home improvements, market trends, HVAC, and the age of the home.
It is defined as a home value for property tax purposes. The assessed value is often the percentage of the property’s fair market value and is applied to determine the property tax. It considers as well home sales in the area, home features, location, and many others. This process is done by a government assessor based on the tax districts.
Whenever you are on the hunt for a home, it’s not just the building that matters but also what’s surrounding it. A picture-perfect neighborhood supports the ideal life you are longing for and ensures you an improved if not the best life quality ever. As previously mentioned, there are a lot of factors to consider in a home with one of them being the neighborhood. Now, what are those features that can elevate your home value? We have listed 5 of them, below.
In any home sales, properties with prime locations are winning. The modern world puts so much emphasis on how we manage time going from our home to other destinations. The destinations, in this case, are not just ordinary ones but those that are well known and can be classified as “attractions” as well as essential public facilities. Knowing that the homeowners are living close to these excellent spots with easy access to public transportation is assuring.
People in the present era love homes with viability. This is where they can just fulfill their primary as well as their entertainment needs with no fuss. Walkability means a short walking distance which also implies no need for an extra charge for transportation fees or gasoline.
If it’s a residence, one gate system with a 24-hour-security guard is just as tempting as it sounds. Although we can’t quite figure out when the unfortunate is going to befall us, it always gives us relief to find out that our home location is crime-free and the residence management is considerate about the security system and ensuring the safety of the residents.
Homes with an ocean view or exuding a refreshingly cool ambiance from the greenery are just perfect for those who would like to luxuriate living and step up their lifestyle. These premium landscapes are of course wanted by buyers who appreciate beauty and exclusivity on top of everything.
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Great infrastructure is also very attractive and prospective for buyers. Imagine when you have all the best things at this one home you wish but you learn that it has bad street and reception infrastructures? It will be such a turn-off, won’t it?
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