With house sale prices rising by, many homeowners have found themselves asking, “What’s the value of my home?” even when not interested in selling!
In most cases, a simple look at the value of homes in the area is enough to get a good idea. But did you know that some not-so-obvious things can also have an effect on your home?
Even if you think “I know the value of my house,” we promise our brief rundown of some of the variables that can add or take off value will get you thinking.
Getting Energy Efficient
Everyone knows that their biggest expense is their home. So if your home can help save you money, you can understand why more people would be interested in it, pushing up its value in the process.
Everything from energy-efficient windows to solar panels can work wonders for your home value. In fact, focusing on the solar home value, it can really shoot up sky high depending on the state. Do your research and you may be surprised!
What’s Good in the Neighborhood?
It always pays to be up to speed on what is happening in your area, but when it comes to figuring out the value of my house, you should be even more invested.
A nearby restaurant just acquired a Michelin star? That by 5%. On the other hand, a McDonald’s opening nearby could result in a few numbers being subtracted off your home. The same applies to being close to upscale supermarkets or shopping districts.
While this may not be how to improve home value, being up to speed on the environmental factors can help you stay in the real world if you decide to sell up.
Easy on the Eye
A proverb says, “The heart does not desire what the eye does not admire,” and this is definitely the case when it comes to real estate. With this in mind, it makes sense that if you really want to add value to your home, you can’t ignore what people will see first.
that a well-kept garden and other outside features could boost the value of a home by 5% to 11%! So, boost your curb appeal by making sure that you paint your home in neutral colors and the garden is tidy.
More Than a Name
The most innocuous thing can have a big impact without making much sense. Such examples are street names and your house number.
Living on a “boulevard” or a “place” seems to boost your home value, whereas a “street” or “drive” puts you on the bottom end. On the other hand, having a three-digit home could potentially add more digits you a home value, not to mention people’s aversion to numbers like 13.
Is there any logic behind this? Not really. But no matter how advanced society will eventually become, don’t expect these quirks to ever change.
Making Sense of the Value of My House
Figuring out a home value is a complicated affair. However, we hope our quirky insights have put you in a better position if you have asked the question, “What affects the value of my house?”
If you like this, have a look at the other great property content on our site!