Selling Your House? These are the Factors That Determine Home Value

by Ann Hayward 07/30/2017

Whether you plan on selling your home in the next few months or the next few years, it’s always a good idea to start thinking about the things that can increase or decrease the value of your home.

There are some factors that are mostly out of your control. Things like climate and the state of the housing market aren’t something you can do much about. However, there are several ways you can gain an edge once you put your house on the market.

In today’s article, we’re going to talk about some of the main things that contribute to the value of a property, and a few lesser known ideas to help increase your home value.


The most important appraisal factors


Before you start thinking about adding bonus features to your home you should make sure the basics are covered. To maximize appraisal value, your home should be:

  • Structurally sound. The foundation, roof, plumbing, and other vital items need to be in top shape.

  • Efficient. Houses that haven’t been updated with energy efficient windows, insulation, and HVAC systems are going to drag down the value of the home. Prospective buyers want to know they won’t be spending extra each month of the utilities.

  • Well-maintained. Inside and out, having a clean appearance shows potential buyers that you’ve taken care of the home. This includes driveways, lawns, and fences on the outside, and paint and carpets on the inside.

  • Size, location, and market. You won’t be able to influence these, and many times putting additions on a home can actually lower its estimated value, so it’s best to focus on other areas where you can make a difference.


How to increase your home value


Depending on how much time you have left before you want to sell, there are a number of things you can do to improve your home. Some home improvement projects are costly and time-consuming, where others can be simple and cost-effective. Here are some ideas for increasing the value of your home.


  • Revitalize the neighborhood. If you’re going to be living in your home for years to come, it can be worthwhile to integrate yourself into the community. Starting community gardens or converting lots into fields and playgrounds are long-term projects that will add culture and amenities to your neighborhood. Not only is this good for the town, but it could also increase the value of your home.

  • Small upgrades pay off. If you plan on moving within the coming months, you still have time to increase the value of your home. By replacing old faucets, handles, and doorknobs you can make older items appear new again. Similarly, minor electric upgrade, like replacing old light switches or outlets, combined with a fresh coat of paint can make a room look like new.

  • Simple landscaping. You don’t need to start carving topiary animals into your shrubs to increase your curb appeal. On the contrary, having a yard that is simple and well-maintained will appear cleaner and easier to take care of for prospective buyers.

  • Consult an expert. If you’ve lived in your house for a while, it might be difficult for you to see which things might decrease the home’s value. Contacting an agent will help you gain an outside perspective on your house so that you can plan home improvement projects accordingly.

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About the Author
Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]