If you’re thinking of selling your home anytime soon, one of the most important things you’ll need to consider is its value. As you’re asking yourself the value of your home, there are specific factors that should be considered. Even if you’re not sure that you’re ready to sell your home, you might be curious as to the value because it’s likely your biggest investment.
What Your Home’s Market Value Is NOT Based OnYour home’s market value is not based on how much you pay each month for your mortgage, nor is it based on any emotional factor. That can be a big issue for sellers—they want to link the emotional value they have to their home to the actual market value. That’s why a Realtor can be so important. A Realtor is independent and non-partial and can help determine market value without emotionality.
Factors That Market Value IS Based OnThe following are some of the key factors that do play a role in the market value of your home.
- Location: Of all the factors, this is perhaps the most important. Along with the location comes the safety of the area. Is your neighborhood one with a low crime rate, sidewalks and a general sense of security?
- Curb appeal: Your home’s exterior is the first impression everyone will have of it, so it’s an important factor.
- Square footage
- Layout and number of rooms
- School District