You want to sell your house, but before you do so, you will have to establish a value, and accordingly price it. What are the factors that affect this value? Here are a few:

Location

The location of your home is one of the factors which contribute the most to the price.  The price of other similar houses in the same area, formally known as comps, local schools, area planning and nearby amenities affect the value of your home. Community is an important consideration factor when buyers look around for a home. What sort of communities do these buyers want? Walkable ones where cars are not necessarily needed to get around. Parks, grocery stores and other amenities should be nearby. Another thing which buyers demand is access to public transit.

Layout and Size

In the past, big houses were in demand, but not so anymore because of the extensive maintenance these homes require. Instead, buyers prefer smaller homes that are easier to manage. And what layout should these homes have? I’m sure you know this one; an open space floor plan. Such a design makes the area look spacious. Other than this, the number of rooms is also important but so is their size. Many buyers prefer fewer large rooms rather than many small ones.

Age and the Current Condition

What sort of homes are the most valuable to buyers? New homes are definitely on the list, but so are historic homes. What about those homes in between?  For most buyers, the attraction to these homes isn’t as strong unless the home has been well maintained.

Generally, a home loses its value as it grows older, until at some point, it grows so old that it starts having a historical significance. This is when the value shoots back up.

Upgrade

Renovations are important to the value of your house, but only when they are limited. Surprising as it may seem, too many of them can actually hurt the value. Whatever renovations you carry out must be common in your area.   And whatever you do, have all the records with you which you can show to the buyers later on.

Source: www.realestate.msn.com

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