7 Factors that Influence Your Home's Value
If you're planning to sell your home at the Lake of the Ozarks, the burning question is typically, "what is my home worth?" There is a lot that goes into accessing the value of your home and to get a good idea of your much our home is worth, it's a good idea to get an official appraisal value. This will not only give you a good idea of what to list your home at, but it will also help you during the negotiating process with potential buyers. Get some expert advice for pricing your home from our real estate team at the Lake of the Ozarks.
What Is The Home Appraisal?At some point during the home buying process, the buyer will be responsible for ordering a home appraisal. This is the official process wherein a professional appraiser evaluates several different factors to determine the home's current market value. The number they come up with will be important to all involved parties:
- The buyer will probably not want to pay more for the property than the appraisal amount (unless they are engaged in a bidding war with another buyer).
- The seller will likely not want to sell the home for a price that is drastically lower than the appraisal value unless absolutely necessary.
- The lender will typically not authorize a home loan for an amount greater than the appraisal value of the property.
How Can You Raise A Home's Appraisal Value?As the seller hoping to make money off of the sale of your home, it is likely that you will want your home's appraisal value to be as high as possible. Here is a brief look at some of the factors that can affect appraisal value. Some of these factors are beyond your control, but you may be able to have some influence over others.
1. The Condition Of The PropertyIt should come as no surprise that the general condition of the property will greatly impact the home's appraisal value. The better condition the home is in, the greater its value will be. If you are looking to increase your home's value, now is the time to perform any necessary maintenance that you may have been putting off.
2. Square FootageThe size of the home will also affect its value. Typically, a home's value increases as its square footage does. If you have added on to your home since you purchased it originally, you may be able to sell it for more than your original purchase price.
3. Location, Location, LocationWhat are the three most important things in real estate? Location, location, location. If your home is in a desirable neighborhood with a low crime rate, good schools, and easy access to shopping and dining opportunities, its value will probably be higher.
4. Quality Of ConstructionA professional appraiser will always pay close attention to the general quality of the construction used when the home was originally built. The material the foundation is made out of, the structural integrity of the home, and the wear and tear the home may have suffered are all examples of things the appraiser will evaluate.
5. LandscapingWhat is the condition of the yard or grounds surrounding your property? If you have beautiful landscaping with gardens and/or flowerbeds, it may be worth more. Because buyers know that landscaping is often expensive and time-consuming, they may be more willing to pay for a property that has already had this taken care of. Effective landscaping will also boost your home's curb appeal, which can in turn lead to a higher appraisal value.
6. Comparable PropertiesAs we said earlier, your home is ultimately worth what someone is willing to pay for it. When determining a home's value, the appraiser will look at the actual sale prices of comparable homes in similar locations. Your home's appraisal value will probably fall in a similar price range as these comparable properties (often simply called "comps").
7. Storage SpaceStorage space may be one of your home's most valuable assets. Buyers want plenty of room to store their belongings and are frequently willing to pay more for homes that offer ample space. The appraiser will evaluate your closets, attic, and basement to determine how much storage space your home offers.
If you are thinking about selling your home at the Lake of the Ozarks but you're not sure how much to list your home for, contact Fran Campbell Team! Our real estate agents in Osage Beach, Mo can help you evaluate your home and come up with a fair listing price. Be sure to visit our website and take a look at our sellers' resources at the Lake of the Ozarks.
Real Estate Lake of the Ozarks: Find Your Dream Home Now!
Fran Campbell Team - RE/MAX Lake of the Ozarks
Lake of the Ozarks BEST Realtor
Lake of the Ozarks BEST Realtor
(573) 302-2390 Office
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