Every Home Is Unique

Category: Finance, Real Estate.

You ve probably heard that real estate professionals establish home prices based on the sales prices of comparable properties in the immediate area.

Generally, the agent locates comparable properties with about the same square footage within a few blocks of your home. Real estate agents have access to computerized databases that list the size, amenities and selling, features prices of every property in the country for decades. The comparable properties need to have the same number of bedrooms and bathrooms, and usually have similar features. That s true. Your home s price is based on the selling price of those properties. But of course, it s more complex than that.

Even in an entire subdivision of nearly identical homes designed and built by one company, the homes will have differences in amenities and features. Every home is unique. Some are more expensive options that the homebuyer added on during construction, like granite countertops or whirlpool tubs. The art of home pricing comes into play in knowing what value to assign different amenities. Other amenities may have been added later, like built- in shelves, a sunroom or a hot tub. Keep in mind that almost every home has some amenities, but not all amenities are equally valuable.

Full attics with ceilings over 7 ft. , and full, dry basements with good light are amenities that add value to a home, even if they have not been finished. In general, upgrades to kitchens and baths increase the home value more than other add- ones such as a fireplace, skylight or wood floors. They provide the potential for expanding the living space. Some built- in cabinets and shelves add value to a home, while others can be a drawback. On the other hand, a damp basement prone to mildew or an attic with supports every few feet, adds little to the home value. When choosing customized cabinetry, always keep in mind that the next owner may have very different tastes.

The value of amenities can also vary according to location. You may love the ebony entertainment center and purple shag carpet, but that doesn t mean it will significantly add to your home s value. Take an in- ground swimming pool, for example. In some more exclusive neighborhoods in warm climates like Arizona and California, a pool is an expected feature. In many parts of the south and west, a quality in- ground swimming pool on an appropriate- sized lot can add$ 10, 000 or more to a home s value. In those areas, a home without a pool would be worth less than average in the neighborhood. In the upper Midwest, outdoor pools are prone to leaks and mechanical problems due to repeated freezing and thawing.

In other areas of the country, a pool may, however actually decrease the selling price of a home. At best, a pool can be used for two or three months of the year. Taking the time to objectively assess your home s amenities, and consulting an expert, will give you the most accurate picture of your home s true value. In those areas, many homebuyers are reluctant to pay more for a feature that may need costly repairs.

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