Do you need to have a residential property assessed and are worried about what the property will be valued at? You should be aware of the following things that will impact how much your home is worth.
The Surrounding Neighborhood
Know that your home is not viewed in a bubble. The assessor is going to look at how your home compares to the surrounding homes in your neighborhood. This means that being surrounded by homes that are in bad shape can bring down your property value, or the complete opposite where nice homes increase the area's property value. Being in a desirable neighborhood plays a key role in how desirable your home is.
The Repairs
Is your home in need of repairs that are quite obvious? This is going to be immediately obvious to anybody that is assessing the value of your home. They may not be able to easily tell how much insulation is in your walls or what the age of your HVAC system is, but they can see if the roof is in need of repair and lower the home value because of it. Having a home that doesn't have visible items that need repair will also increase the real estate property valuation.
The Age
Even if your home is in great shape, the age of the home can have an impact on how much it is worth. Unfortunately, older homes are not valued as much as newer homes in most situations. While age is not something that you can do anything about, you'll want to keep it in mind during an assessment.
The Square Footage
A big factor that is looked at is the total square footage of your home. Be aware that some counties do not count basements as livable square footage, even if it is a finished basement. However, additions are counted because they add to the home's existing square footage.
The Land
The land that your home is on will also impact its valuation, even though you may think that all land is the same. This could mean having your home on a double log instead of a single lot, which gives you more of a yard than other neighbors. Location of the land matters too, since sometimes being located on a corner can increase the home's value. You have fewer neighbors to deal with, and the garage can be more accessible by being accessed from a different side of the home.
If you are like most people, you might cringe whenever you think about how much you paid for your house. Because homes are one of the biggest expenses most people will come across in their lifetime, it is important to understand how to mitigate expenses as much as possible. I wanted to start thinking more seriously about investing in property as part of my job, so I began checking out realty ads to see if they would help. I was able to come across a few different listings for homes that I was interested in, and it was really neat to put in offers and see how they came back. Check out this blog for learning how to invest in real estate.