What are factors that influence your home value?

On Behalf of | Sep 10, 2020 | Uncategorized

As part of your upcoming divorce, you may need to divide up your property, which can include your primary home, your secondary home and your vacation residences if you have them. If this is the case, you will likely have to work out a proper value for each of your properties.

Because residences vary in different ways, there may be circumstances specific to your properties that will influence how valuable they are. However, as Homelight points out, there are some factors likely to play a part in valuating any home. It may be of benefit to keep these factors in mind as you valuate your properties, as you and your spouse will probably have a strong interest in landing the highest value possible if you sell your homes.

The condition of the home

How you keep up your home can actually do a lot to increase or decrease the value of your property. If your roof has a slight leak, if your home air conditioning and heating system is in disrepair, or if your walls peel or have cracks, a homebuyer might pass up your home in favor of a similar home that the owners have properly maintained. Taking simple steps like painting walls or fixing the roof can do a lot to increase value.

The attributes of the home

Homebuyers look for various qualities in a residence. Even if your home is similar to other high priced homes, its value might actually be lower on account of various factors. Your home might have fewer rooms than similar homes, or you might own an older residence, or your home might lack attractive features like a large backyard, a guest bedroom, or a swimming pool. Taking stock of what your home lacks might help you to figure out what you should do to boost your property value.

The location of the home

Even if you have done your best to maintain a home, its value may go up or down simply because of where the property happens to be. Many homebuyers look for a home in a place they deem to be a good location, a place where crime is low and where they can access places like shopping centers or a good school. If you maintain a residence in a desirable location, you might end up with a higher home value than homes of a similar type.