What’s My Home Worth?
The value of a home starts with the homeowners request for market pricing from a real estate professional. The current price for homes exists when a lenders appraiser for the buyer evaluates the subject home.
The majority of appraisers say the following 4 areas are where homeowners incorrectly valuate their own homes.
1. A Remodeled Home
Trendy upgrades like swimming pools, gazebo’s, or built in entertainment centers do not add value to homes. Choose timeless improvements like solid surface bathroom or kitchen tops, or new wooden cabinets are a safe bet.
A newly finished basement with a half bath adds less than 5% to a homes value. The addition of a bedroom can add up to 20% in most cases. Below grade basements are not included in the total square footage of the home.
3. Required Systems
New water heater, HVAC, or roof does not add value to a home. These items are required to make the home complete. Likewise, a roof that needs repair can bring house values down.
4. The Exterior
A home with popping curb appeal adds to a homes value. Well-maintained yards & home exteriors make for a desirable home to buyers. Signs of an unkempt yard & neglected siding and wood raises questions of other issues.
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