A home appraisal is an opinion of a home’s value, or in other words, an estimate of worth. A home value depends on many different factors, which usually include factors like property features, the surrounding neighborhood and community, available amenities and many more.
Home Value Estimation
The physical features of a home are easily determined just by looking at the number of bedrooms and bathrooms, the total square footage, number of garages, the size of the kitchen, condition and age of the home, the landscape design, the list goes on and on. A home that has more features that can be put on paper is certainly a more desirable home to a wider range of potential buyers.
The local neighborhood is an important aspect when calculating the home value because safety, proximity to shopping centers and business districts, and amenities all play a significant role in everyday life. A safe and friendly, and attractive neighborhood is what all homebuyers are looking for, especially if they have children. A typical homebuyer prefers to have easy access to major roadways, live near good schools and have reasonable property taxes. The quality of the community is also extremely important. If the local area offers a strong and promising economy, and a relatively low crime rate, the value of the home can increase by thousands. To some homebuyers, a sociable community that involves its residents, like a community center or golf course, is also a desirable quality. If you want to see an example take a look at Syracuse real estate vs. Liverpool real estate prices. They are just miles apart from one another, but average home values are much different as a result of all the factors listed above.
The amenities of a home include things like proximity to shopping centers, parks, recreational activities, museums, and community activities like sporting or cultural events. Every buyer wants to live somewhere that they can relax and enjoy themselves without having to go too far away. The more amenities that are available may help improve the overall value of a home.
Stay tuned to part 2 of the segment, where you will learn how to sell your home once you know the true value of it!