Factors that help determine property value.
- Neighborhood comps/ Local Market: When looking at similar homes in your neighborhood, what is the market like? Are homes selling quickly or slowly? Are there any new developments nearby? What are the prices like on similar homes in your area?
- Interest Rates: How much interest will your mortgage payment cost you? What if rates go up? If it's not a good time to sell right now, what's another year or two in terms of interest rates going up?
- Size and usable space: How many rooms does your house have? Is there enough room for everyone in the family or does everyone need their own space? Do you have enough bedrooms for a growing family? If so, how many bedrooms do you have, and how big are they? Does your kitchen have enough room for a table with chairs? Do you have an extra bathroom or two that could be used by guests or relatives visiting from out-of-town?
- Age and condition: One thing you might not know about is the age and condition of your house. A house built in 1940 is going to be more valuable than one built in 1900, even if they're both in good shape. If you can get a good deal on an older home, it could be worth more than a newer one. But if you're looking to buy an older home in a good neighborhood, you should definitely do your research and ask the sellers what they've planned on doing before putting in an offer.
- Updates and upgrades: Upgrades can increase the value of your home by $10,000 or more per square foot! This includes things like new windows, interior paint color choices, new appliances, etc. Make sure to ask about any updates or upgrades before making an offer.
I hope this was helpful! Please share this post if you think it's something that could be helpful to others.
Contact us at (978) 857-9580 and let us know how we can help you!! Visit our website www.dohertyproperties.com
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