What Determines the Value of A Home?
Value of a home
Determining the actual monetary value of a home is something many people really don’t understand. The value has nothing to do with what you paid for your house. It has nothing to do with any home improvements or remodeling jobs you may have done and it has absolutely nothing to do with the price a friend says your home is worth. If none of these things help to determine house values, then what does?
Local Market Comparisons
The first step in determining the value of your house is assessing the current local market. Your house could very well be worth much more than you paid for it because the local market is alive and thriving. Professional real estate agents will always use local sales to help them determine a base price for a home. They will generally look at the last six months of real estate sales data.
Land will always have a huge impact on the value of a home. There is a reason realtors have coined the popular term “Location, location, location.” They know the right chunk of land can and will fetch a high premium price. Your home could be exactly the same model as a couple of others in the neighborhood, but if your home sits on the golf course, the lake or even a quiet cul-de-sac, then it will be worth more.
Amenities Can Increase Value
The next step in determining a fair market value for your house is assessing your home’s current amenities. The right amenities can significantly increase the value of a home. Here are just a few of the more popular home amenities that can drive house values up.
- New kitchen appliances
- Roof age and condition
- Roman tubs
- Pools and hot tubs
- Walk-in showers
- Walk-in closets
All of these home attributes can and will have a direct impact on the value of your home. At Gulf State Homebuyers, we buy homes for cash. Contact us today to find out how much your home is worth.