One of the first steps every homeowner takes when they start considering a move is how much they can sell their current home for so they can plan the next stage of their life. <\/p>\n\n\n\n
Are you ready to sketch out a rough estimate of what your home\u2019s worth? Let\u2019s talk about how the pros figure it out, what detracts from your home\u2019s value, and how you can make big or small improvements to increase your home\u2019s value.<\/p>\n\n\n\n
Appraisers have a formula that they follow as they figure out how much your home is worth, but different appraisers may weigh certain home features more heavily than others. Generally, appraisers will consider the size of your home, including the number of bedrooms and bathrooms, your location, and the condition of your home. <\/p>\n\n\n\n
Are you located next to a busy highway or train tracks? A home in perfect condition will be devalued if the location is less than desirable. As a city is built up around a home, the quality of the neighborhood can plummet. An appraiser will be considering your home\u2019s proximity to a fire station, hospitals, or a police station, as well as the reputation of the school district you\u2019re located in. <\/p>\n\n\n\n
Once an appraiser establishes that faucets, lights, and other fixtures work in your home, they\u2019ll then consider their age. Have they been updated? Or are they original to your 50-year-old home? Is there visible damage in the home? Are there signs of mold anywhere? A home that\u2019s been well-maintained will be worth more than a home that shows visible signs of distress.<\/p>\n\n\n\n
FHA and HUD guidelines<\/a> define what constitutes a living space. Appraisers are constrained by these rules such as \u201cfinished basements and unfinished attic areas are not included in total gross living area\u201d and \u201ca level is below-grade if any part of it is below-grade\u201d. These rules might cut into your vision of finishing your basement and instantly doubling the size of your square footage.<\/p>\n\n\n\n However, depending on the kinds of homes you\u2019re surrounded by and the typical types of homes in your area, an appraiser might make exceptions for basements<\/a> that are finished exceptionally well. <\/p>\n\n\n\n Don\u2019t forget to take into account your lot size. In most cases, you can\u2019t change the size of your lot, but it\u2019s definitely going to count for or against you if it\u2019s significantly different from the homes in your area.<\/p>\n\n\n\n What qualifies as a bedroom? If you\u2019re trying to count your converted basement storage room as a bedroom, just remember that home appraisers use a specific formula to determine whether a room is a bedroom or not.<\/p>\n\n\n\n A bedroom has<\/em>:<\/p>\n\n\n\n Sometimes you plan a move, and sometimes a surprise promotion has you scrambling to get your home on the market. However, if you time your move, then adding your home to the spring MLS could improve your home\u2019s value<\/a> by nearly 6%. Because so many potential buyers flood the market at this time of year, you could also sell your home 18 days faster. <\/p>\n\n\n\n Some markets, especially in warmer areas like San Diego, California, or Orlando, Florida, don\u2019t see wild fluctuations in their value. Many families prefer to sell and move at the end of the school year, but in areas with great weather and a large number of retirees, any time is a great time to move. Ask a local real estate agent what\u2019s typical for your market.<\/p>\n\n\n\n Think the rickety shed in your backyard isn\u2019t a big deal? Think again.<\/p>\n\n\n\n Deferred maintenance like broken windows, damaged downspouts, overgrown landscaping, and rotten siding will cost you tens of thousands in lost funds when it\u2019s time to sell your home. As you add up your home\u2019s amenities, keep in mind the unfinished house projects that will reduce your home\u2019s value. <\/p>\n\n\n\n \u201cZombie homes\u201d, or abandoned and unkempt homes in your neighborhood, will drag down your home value as well. Even though you\u2019re limited by what you can do about your neighbor\u2019s neglected home, you do have a few options. <\/p>\n\n\n\n If you\u2019re eager to increase your home\u2019s equity, there are steps you can take to improve its market price in the eyes of appraisers, buyers, and lenders.<\/p>\n\n\n\n Rather than overwhelming yourself and your budget with a massive remodeling project right before you list your home for sale, stay on top of your to-do list by tackling smaller house projects. Swap outdated light fixtures, replace worn-out carpet and keep current with your yearly home maintenance list<\/a>. <\/p>\n\n\n\n There\u2019s a reason curb appeal<\/a> is mentioned so often. No matter how little or how much you spend on refreshing your landscaping<\/a> when buyers see an attractive yard, they\u2019ll think that the inside is just as well-maintained, and they\u2019ll be more inclined to schedule a viewing. <\/p>\n\n\n\n Despite the fact that remodeling your bathroom<\/a> or kitchen<\/a> has mixed ROI results, increasing your square footage by adding another room, finishing your basement, or building a garage can add value to your home. Part of the appraisal process takes into account a home\u2019s square footage, so by adding an additional room, you can bump up your home\u2019s price. <\/p>\n\n\n\nLot Size<\/h3>\n\n\n\n
Bedrooms and Bathrooms<\/h3>\n\n\n\n
Is Your Home Worth More in the Spring?<\/h2>\n\n\n\n
What Detracts From Your Home\u2019s Value?<\/h2>\n\n\n\n
How to Improve Your Home\u2019s Value<\/h2>\n\n\n\n
Make Consistent Improvements<\/h3>\n\n\n\n
Curb Appeal<\/h3>\n\n\n\n
Increase Your Square Footage<\/h3>\n\n\n\n