The value of real estate fluctuates greatly depending on a wide range of factors. These factors include location, inflation, the cost of borrowing and of course supply and demand. Many of the factors that affect resale value are out of the owner’s control. After all, no one can control or predict what the economy is going to do. There is, however, something that is in our hands as owners, architects, and contractors: what things look like and how they are made. In this article we are going to explore what aspects of a home will increase its resale value.
The value of a piece of real estate can be compared to two sides of the same coin. On the one side, you have what the buyer thinks it’s worth and on the other, what it’s actually worth, meaning, its appraisal.
When you have a house appraised, they will look at the condition of the house. How old is the roof? What is the state of the HVAC unit? How does the foundation look? Are there any damages? The appraisal of the house has nothing to do with the outward facing aesthetic, and all to do with what’s behind the walls and under the gorgeous flooring.
The buyer, however, is definitely going to be interested in the aesthetics, and if done right, that can definitely play in the seller’s favor. These are just a few things that are going to affect the appraisal of a home.
This is a no-brainer, right? The bigger the house, the more it’s worth. But it’s not always about the total square footage – but the usable square footage. The addition of an attic or basement can increase the value to a certain degree.
Age and Condition
When the property was built and what state it’s in, is definitely a big factor from an appraisal point of view. If there is need of major repairs, whether structural, or of systems (water heater, general heating, AC, etc.), that can be a major blow to the property’s value.
On the other hand, the buyers are going to look at the fixtures, the hardware, and other elements to determine how “old” a property is. That’s why investing in high-quality, timeless design and materials can be a great idea.
Of course what the property looks like from the outside is going to have a big impact on the resale value. If it looks good, people are more willing to bring out the big bucks.
Atlantic Link is a great partner to make sure that the details are taken care of. By choosing high-quality materials that are unique and aesthetically pleasing you are going to make your clients happy in more ways than one. On the one hand, it means they are going to be happy and satisfied while they live in the home. It also means the resale value has a chance of increasing if all the other external factors are in their favor.
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