The valuation of your home will consider a variety of contributing factors. The appraised value will weigh everything from location and demographics to the physical attributes of your home. These are key influences.
1. First is the location. The neighbourhood’s location value will be relative to its proximity to area schools, amenities and accessibility to those amenities. A home’s location within the neighbourhood can add positive value if it is in a cul-de-sac or on a large lot and does not back up to any main roads. Location value is reinforced if surrounding homes are clean, neat and owner-occupied.
2. Value will be influenced by what upgrades and updates are contributing to making a home more current in quality, energy efficiency and safety.
3. Appraised value is enhanced when a home has been built in the last 20 years because it presents a lower risk for needed repairs and has newer amenities.
4. Buyers will pay higher prices when the design of a home is timeless and has good appeal for the majority of buyers.
5. As important as the value of the interior of a home is in the appraisal process, so is the exterior landscaping and overall curb appeal. Landscaping that is easy to care for and complements the home’s exterior will yield more value.
6. The value of the number of bedrooms and baths will be of prime importance when comparing to competing sold and listed homes. As the bedroom and bath count goes up, so does the value of the property.
7. The square footage and the efficiency of the floor plan contribute to the value. Finished livable basements add value, but not to the same extent as those living spaces that are above grade.
If you have any questions about home appraisals, call or email us. We are always here to help guide you so you can make the decisions that are best for your goals.