Valuing your home is going to take a bit of calculating here and there, seeing as sentimental value rarely ever adds money into the pot in the real estate world. You can only really rely on the tangible assets you’ve added into and onto your house over the years, and it’s those that are going to attract the most notice from the buying market.
Your home extensions, the amount of land you have to work with, the age and condition of the house etc., are going to add the most value onto the price tag, but which ones are going to guarantee you make a good return on your home? It’s something a lot of people ask, and using a professional surveying or valuation service is going to be your best bet here, but for now, we’re just having a little brainstorm!
So, if you’re out to sell your home in the near future, but you want to get a picture of how much your property could be worth before you make any sudden and permanent moves, here’s just a few things to consider.
Do You Have a Loft?
When it comes to home extensions, having a loft to your name is one of the most lucrative you could have plumped for. After all, if you manage to add an extra room to your house, that can be versatile in its purpose, without needing to expand or replace any of the walls of your home, you’re sitting on a nice little nest egg. A loft extension has a lot to offer anyone looking to invest in real estate: it’s an extra room for a prospective tenant to use, or it’s an extra room for a young couple with three kids and another baby on the way. It’s an extension that’s useful to everyone.
Loft extensions and conversions are incredibly popular, and they have been for a good 20 years or so before now, so you can be sure it’s going to add a few more pennies to the pot. Indeed, on average, a loft you can use as a bedroom or a studio or an office is going to add roundabout 20% more value to your home (and that’s calculated using the original price you paid for it in the first place). So, if you paid anything from $150,000 to $200,000 for the place you currently live in, you could be looking at an extra $30,000 or $40,000. Of course, this price is going to depend on how fair the market is feeling at the time you decided to sell.
What’s Your House Coated With?
The exterior of your house is a big deal to the market you’re thinking of selling in, and there’s a lot of value placed upon your ‘curb appeal’. If the house you’re living in looks good from the outside, meaning it’s clean and tidy and has a lot of driveway and front lawn grooming to boast, it’s going to be seen as a valuable place to invest in.
After all, if you’ve taken the time to cultivate curb appeal, you’ve set the foundation for further grooming and easy upkeep on top of it. You’ve set the stage, in a way, and cut out the bulk of the work for a buyer who’s looking to either settle down in a pretty place, or renovate and sell on again.
And the exterior walls of your home are going to have a lot to say about the value of the house as well. If your walls look clean, are well painted, or have been coated in vinyl siding that can offer a lot of protection to the structure, you can safely say an extra $8000 is going to be put forward to buy your home.
How Big Is the Garden Outside?
Once again, a good garden can often be seen to add about 20% more onto the current sale price of your home, but gardeners can be fickle buyers at best. If it’s been well planted, and the soil has been tilled year after year and you’ve got some arable land to boast of, then you’re going to have a lot of interested parties waiting to take a look.
A big garden means a lot more space, not only for gardening, but for people looking to fit more than four people into the home, or for those of us who love to host a garden party. It also means there’s a lot more room to expand, for anyone who loves to renovate and make a profit off of it. It’s just another way to cater to the most represented buyers out there.
Of course, a garden that requires little upkeep is going to help your home sell faster and for a lot more. It’s also a good sign, for literally any and all prospective buyers, for there to be a good privacy fence around the perimeter; people like to feel safe and secure in their gardens, and that’s a message you want to send to the market about the home you’re offering.
Overall, How Is My House Value Worked Out?
The location of your home, the size and space it has, the local amenities, the rates of crime in the neighbouring area, the nearby schools and work opportunities… they all come into consideration here. But so do the renovations you’ve made over the years; if you have a swimming pool in the yard, and your neighbor doesn’t, your home is going to sell for more!
Overall, the value of your home has a lot of facets to it, and it’s going to take a lot of working out. Don’t let yourself do this alone, and make sure you get at least one professional opinion to weigh in on the matter. If you’re using an estate agent to sell, you can better put forward your wants and needs for the house price when you already have a well thought out estimate in your pocket.