4 Factors That Determine Your Home's Resale Value

Posted on: 7 February 2017


When it comes to selling your home, you, of course, want to sell it for the highest price possible. Some people don't realize that the price can be drastically reduced for certain reasons that can ultimately lead to you not being able to sell your home for as much. It's important that you know what these factors are so that you can work to find ways around it to still sell your home for a high price. Here are the four biggest factors:

  1. Location: The location of your home is something that you are not going to be able to change, which is why you should always consider the location when purchasing a home to ensure that this will not negatively affect resale value. If your home is located directly in front of the highway, it will be reduced in price. This is also true if you are located in an area that has a high crime rate. You can expect to see a higher value for your home if it is located in an ideal neighborhood that is close to schools and in a safe area, not on a busy street. 
  2. Layout: A major factor is also the layout, which is why you always have to carefully consider what changes you make to the home if it is going to affect the layout. What works for your family will not always be the ideal. You will definitely want the more popular choice for a layout, which would be an open floor plan. 
  3. Condition: The age of the home will be a factor, which you obviously cannot change, but you can change the condition, fortunately. If your home is older, but in good condition, it will sell for much more than a home of the same age that was not well kept. This is why making upgrades to your home is ideal for resale value. 
  4. Past: If your home has a poor past of flooding, mold, or violent crime, then it's going to affect the price of the home. You cannot change this, and all of this information must be disclosed. The best way to avoid these past problems being a huge factor in cost is by ensuring that all of the damage done has been completely repaired. You should also have all repair receipts to show that the home was professionally cared for. 

When you know these four major factors, you then know what you can do to ensure that you can still sell your home for the highest value possible. Contact a realtor for additional advice.