It’s a simple question with a not-so-simple answer. Determining a property’s value requires taking into consideration a number of important factors. Here are some of the biggest:
Location
Just like no man is an island, no home can be evaluated completely independent from its environment. A good neighborhood like Precondo can significantly add to or diminish its value. For example, the proximity of good schools is an important feature for buyers who have a family or who are looking to start one.
Actually, proximity to anything tends to increase value. Isolated properties are generally less valuable than ones of equal size that happen to be closer to highways, commercial districts, or even just other houses. Finally, there’s always the matter of crime rate; no one wants to buy a home located in “the bad part of town” if they can help it.
Age
Houses are not like antiques; they don’t necessarily grow in value as they get older. In fact, newer homes often sell for more than older ones for one simple reason: they require less maintenance. The older a property is, the more wear and tear it has likely suffered. Additionally, some old houses still use outdated insulation, wiring, and plumbing systems that few buyers would like to pay to replace.
That said, an older house that is nevertheless well-maintained and has been renovated to incorporate modern features can be just as valuable as a newer house. The key ingredient? Condition. Whether new or old, any homeowner hoping to sell a property would do well to always keep that property in top condition.
Size
Bigger may not always be better, but it usually is when it comes to the housing market. The amount of real estate a home covers plays a significant role in determining its value. In fact, the approximate price a property sells for is often calculated per square foot.
More important than sheer size, however, is how much of that space is livable. A property with large square footage wherein a significant portion of it is taken up by a swimming pool or garage may be attractive to certain buyers, but in general, a property that utilizes the same square footage for more living space instead of such extraneous features has a higher value. Likewise, how that living space is divided (in other words, how many rooms it has) is crucial. Like heads, two bathrooms are always better than one.
[simple-author-box]
