How to Determine the Value of Your Home

When you’re looking to sell, it’s essential to have an understanding of the value of your home. There are a number of factors to consider when determining what your property is worth.

Neighborhood comps

The best way to work out the current value of your home is by neighborhood comparison. Comparable properties or “comps” will be those that have sold recently in your area. It’s important to look at houses that are similar in size, features and when it was built. Look at properties with the same number of bedrooms, bathrooms and similar square footage. Also consider the location of various properties in relation to local facilities and their surroundings. A house that backs onto a golf course or park may reach a different price than a similar house on a congested street.

There are many factors that can affect the price of your property so it is worthwhile getting a professional opinion. Because we have the local knowledge of Orange County, NY, we are authorities in looking at the comps relative to your property.

Property size matters

The number of bedrooms, bathrooms and liveable space plays a big part in determining the value of a home. And the calculated price per square foot is an important figure when comparing houses.

Home improvements

By updating aspects of your home, you may increase the overall price and appeal. Kitchen and bathroom renovations on older homes can make a difference in the value of the property. Often buyers are willing to pay more for a place that is turn-key ready!

Current market and interest rates

Overtime, the local market can swing between a seller’s market or a buyer’s market. When the market is favorable to sellers, you could find yourself getting top dollar for your property. Interest rates are also something to take into consideration. Overall, if interest rates are low, there may be more buyers competing to buy your property.

Condition upon inspection

Overall, buyers will look at the age and condition of the property. They want to anticipate any repairs they may need to do. Older homes may incur more maintenance costs whereas newer homes are less likely to need as much upkeep initially. Age and condition of the home will play a role in determining the price point.

Location, location, location

There are a number of factors to consider when looking at the location of a property. The accessibility of local shopping, restaurants and entertainment can all affect the price of your house. Along with this, proximity to schools and recreational facilities can weigh in. Access to public transport and closeness to highways can also have an impact on the price.

So, would you like to know what your home is worth? Whether you are considering your options or you are ready to sell, reach out to us. As real estate investors living and working in Orange County, NY, we know the area well. Rest assured we can help you find the right price for your home.