As a homeowner, you probably periodically think about the value of your home. Many different factors contribute to the value of your home and it is important to understand them. Unless you are ready to sell your home in the near future, you probably won’t need to think about this daily but if at anytime you are making changes to your home, big or small, you will want to reflect on the effect it may have on your home’s value. All of these items can cause a positive or negative effect on the value and it is your job to maximize the impact in the positive direction.
Urban or rural? Quiet or busy area? Neighborhood or not? Safe or unsafe area? There are so many different things to consider when thinking about location. This is the one item that most significantly effects your value that you can’t change. You might live in a highly sought after neighborhood that raises the value of your home or live near the railroad tracks that few people want to be near even if the house is perfect.
How many times have you heard “You never get a second chance to make a first impression?” This is so true and your curb appeal is your first chance to grab someone’s eye and make them want to come inside. If your yard is overgrown, paint is faded and your fence is falling down, many buyers will bypass your home for one down the street that looks better. Likewise if your home and yard looks like HGTV just left, buyers will be clambering to get inside and see how wonderful that looks too.
The condition of your home is extremely important and will greatly impact your home’s value. A home that has been meticulously maintained and offers nice updates will be valued higher than one with worn carpet, old fixtures, faulty appliances and chipped paint. Owning a home requires routine maintenance and you will need to have money set aside in your monthly budget that allows you to do what needs to be done.
The most common source of odors in a home is from pets. If you have pets, you probably consider them a member of your family and that’s fine but they can cause issues in your home if you don’t take proper precautions to prevent them. Pets left unattended for long periods may also cause damage to a home that can be very expensive to repair. Know that you will want to repair any damage caused by pets prior to listing your home for sale.
With everything you do at your home, there is a chance that you may have a positive or negative impact on your home’s value. Keep that in mind as you are making home updates and select the changes that are most likely to have a positive impact. I am also available to discuss potential changes with you at any point so you know how things might impact your value before it’s too late.
The Chris Wylie Team is your ultimate real estate resource for Houston, The Woodlands, Spring, Cypress, Katy, Tomball and the surrounding areas. Visit our website for for detailed information regarding today’s real estate market.