When it comes time to sell your house, you want the best offer possible. If you are currently trying to sell your house, it could sell for more or even less than you purchased it for, depending on the current market and a variety of other factors.
Some of the factors that impact your home’s current value include:
- Location—Where your home is located plays a big role in its value. Typically, nearby employment opportunities, the quality of the local schools, and proximity to entertainment, recreational opportunities, and shopping affect a property’s worth.
- Comparable properties—If you want to get a good feel for how much you can sell your house for, look at what similar properties in your neighborhood or area have sold for recently.
- Size and usable space—In most cases, the larger your home is, the more it will be worth. Not only does square footage matter, but so does the amount of usable space.
- Upgrades and updates—If you have an older home, updating and upgrading it can be helpful if you want to add value. But be careful with the improvement projects you do – not all are created equal in terms of enhancing home value.
- Condition and age—Homes that are newer will typically sell for more. This happens because a home’s critical systems, like the plumbing, appliances, roof, and electrical, are more likely to break down in an older home than a newer one.