If you are considering selling your house, or looking to invest money into an upgrade on your existing house that will raise your home’s value, you need to know what the value of your home is. This can often be tough to determine because there are so many different factors that go into determining a home’s value. Here is a look at some of the factors that professional appraisers will take into consideration when determining how much value is in your home.
Lot Size. The first thing that appraisers look at is the lot size that the house sits on. They will look at the square footage of the front and back yards as well as where the house is situated. The larger the lot size the more the house is going to be worth.
Square Footage. The square footage of the home is also important. An appraiser will go through the whole house and measure every part of it to determine this. The more square footage a house is means that there is more living space and the value of the home may go up.
Amenities. Appraisers will also look at what is offered with the house. Homes that have something unique to offer will often go for a higher value than homes without this unique feature. Amenities such as pools, basketball courts, entertainment rooms and cigar rooms with custom poker tables could add tens of thousands of dollars onto the value of your home.
Recently Sold Properties. The value of your home will depend a lot on what other homes are selling for in your area. The higher the other homes go for the more value there is in your home.
There are so many different factors that go into determining the value of a home it is impossible to do it on your own. Only a professional appraiser will be able to give you an idea of the value of your home.