How much is my house? This may be the question in your mind if you are planning to sell your house now or in the future. Your house is no doubt one of your biggest investments. Knowing the real value of your home will help you ensure that you get top dollar when you decide to put it on the market. Establishing the value of your home can be a complicated process. Many house owners usually request the real estate agents to provide them with the home valuation guide. However, there are few simple things that you should consider when you want to estimate the value of your house. The things that you should consider include:
1. Location of the house
The location of your home plays a critical role in its value. You should check the value of the recent transactions in your surroundings. You also have to check how the physical and environments are and things such like the quality of local schools and whether there is a strong sense of community. Take time to carefully analyze everything that is around.
Is it in a location that many people would love to live in? Are there retail establishments nearby? How fast can you get to a highway? How much did buyers pay for properties that were recently sold at your home? An answer to this question will give you a good idea of how much your house is worth.
2. The size of the house and its layout
In the past, people were obsessed with space. Most people wanted a house that had a lot of space. However, things have been changing over the recent years. People are looking for a house that will provide them the space they need. This is because they have realized that it is a daunting task to take care of a huge house. The layout is a more important factor in the minds of today’s house buyers than the amount of space. A house that uses an open design may seem to be more spacious than on that utilizes the traditional models when both are of the same size.
3. The age and condition of the house
New homes and historic homes that were well-built are usually more expensive than those that were constructed somewhere in the middle. Typically, a home becomes less valuable as it gets older.
A house that was well built in the 1900s can be more expensive that house that was constructed in the 1980s. The condition of a house matters a lot. A well-kept house will obviously be more expensive than one that has not been well maintained.