There are many factors that go into your home’s value. While certain factors like size and condition are quite obvious, there are other factors that may not be quite so clear. These factors may not affect your home’s value tremendously, but they could have a small impact on your home’s selling price. So if you’re thinking, “What is my home worth?” what are some obscure factors that you may want to consider when doing calculations? Here are five surprising things that affect your home’s value.
One of the biggest things that affect your home’s value is your property’s curb appeal. Curb appeal is essentially how good your home’s exterior looks. Many people neglect how their home’s exterior looks, as they spend the vast majority of their time indoors. However, your home’s exterior plays a major role in how potential buyers perceive it. As buyers enter your home, its exterior is the first thing they will notice. If your home has a subpar curb appeal, buyers will form a negative first impression of your home, causing them to view the rest of the home in a more negative light. However, if your home has great curb appeal, potential buyers will be blown away and will view the interior of your home more positively. The increase in the perceived value of your home will cause more buyers to bid, bidding your home’s value up.
Distance Between Neighbors
People love to have privacy in their own homes, which is why many people prefer to have a decent amount of space between them and their neighbors. Although neighbors can be great friends and form a tight-knit community, many people still want to have their own space. Having a good distance between your home and neighbors ensures there are no privacy concerns and doesn’t make the area feel crowded. As a result, if there is a good distance between your home and your neighbors; properties, then chances are your home’s value will be slightly higher.
A common mistake that home sellers frequently make is failing to depersonalize their homes. When your home has lots of personal belongings and memorabilia, buyers will have a hard time envisioning what they want to do with the place. As a result, it can be a lot more difficult for buyers to envision themselves living in that space. However, if you completely depersonalize your home and leave it as a blank slate, you allow buyers to get creative with their visions. Without your personal belongings blocking the way, buyers will have a much easier time picturing themselves decorating and living in the home. When this happens, buyers are more likely to be interested in your home and bid against each other, driving your home’s price up.
When selling a home, many people are aware that the home’s proximity to amenities like fire halls, hospitals, and schools has a profound effect on the home’s value. However, what many people don’t realize is that the home’s proximity to stores and restaurants also has an effect on a home’s value. For example, if your home is within walking distance of a popular restaurant like Starbucks or near popular stores like Target and Trader Joe’s, then its value will likely rise. These locations are places that many people frequently visit, and the convenience of having them nearby is attractive to potential buyers. As a result, potential buyers may value your home slightly higher just because it’s close to many popular establishments.
When a buyer closes on a home, they want to ensure that the location is safe and secure. As a result, if your property has a bad history, many buyers will likely steer clear of it. For example, if a major accident or death occurred on your property, then many buyers will be wary. First, there will be some safety concerns regarding the property, as people will be scared of the event repeating itself. Additionally, some superstitious buyers may view bad events as a dark omen or be afraid of hauntings. If there have been any major accidents or deaths on your property, it could tank your home’s value.