Whether you’re planning on selling your home soon with the help of a real estate agent in Estes Park or you would like to refinance, it’s important to know what your home is really worth. The housing market can be volatile, especially now that the pandemic has affected sales, but knowing the value of your home can help you form a plan when you decide that you want to sell or refinance it. You can keep an eye on the housing market in your area to see how well comparable homes are selling, and you can choose the best time to put your own home on the market. You can even take steps to increase your home’s value if it’s not as high as you would like.
What Determine’s a Home’s Value?
There are several factors that determine a home’s value. While some of these are going to be beyond your control, you should still keep them in mind if you ever plan to sell your home. The first factor is the comparable homes in your area, which also happens to be a factor that is mostly beyond your control. When appraisers and real estate agents want to determine what a home is worth, they often take a look at similar homes to see what they are worth. They might look to see what homes have sold in recent months, what they sold for, and how other homes in the area have been appraised. All of this can be used to estimate the value of your home
The size of your home is another major factor in determining value. The value of a home is often calculated based on the price per square foot. This price can fluctuate significantly, but larger homes can generally be expected to have a greater value.
The age of your home can also be a factor, although not as much as size. Newer homes tend to have higher values than older homes simply because they lack the wear and tear of a house that has been someone’s home for years. And yet, older homes can still have a high value if they are kept up or if they’ve been renovated recently. A renovation can have a drastic impact on an older home’s value, but renovations can be incredibly pricey themselves. If you’re going to renovate an older home to increase its value, make sure that it will be worth it in the end. You don’t want to spend more than what your home will ultimately be worth.
Increasing Your Home’s Value
Now that we’ve gone over what determines a home’s value, you can start to increase your home’s value and decide when you should sell or refinance. The best place to start is by looking at comparable homes in your area to see how they are valued. Take a look at the kinds of renovations that have been done on those homes, and see if you can do something similar. As long as your renovation doesn’t go over budget, you should have good results. Otherwise, keep an eye on the market near you, make any repairs that need to be made to keep your home in good condition, and pick the right time to sell based on your home’s value. If you ever need help with selling your home or determining its value, you can always contact a real estate agent in Estes Park for advice.
