Home Value: Buying or Selling
Whether you are purchasing a home or selling a home, the value of the property will be of great interest to you. The value of any given property depended on quite a few different things. It would be nice if the value was based on the property alone, but this is not the case, factors that are out of your control also play a big role in determining the bottom line value of a home.
The Neighborhood - The neighborhood that the home is in is one of the major factors in determining value. This is partly due to the fact that homes bought & sold in the neighborhood will be used to compare when the original asking price for the home is determined. Also, the quality of the neighborhood itself plays a big role. An area where the yards are well kept, the streets are clean, and the homes are well maintained will have higher baseline real estate values than an area that is run down and dirty.
Schools - Whether or not you have children, schools have a definite impact on home values in their areas. People with children are always looking for homes in a good school zone. Plus school zones are usually more established areas and as such have a higher value.
Shopping & Recreation - Area that have close access to shopping centers (not too close mind you) tend to have a higher value as people do not want to have a long trip to pick up the necessities of daily life. Also being close to sites of recreation is handy, especially if you have kids who are into sports.
Crime Rate - The number of crimes in the area will have a huge impact on home prices as people will tend to shy away from purchasing in a high-crime area. Buyers will also likely take notice of what kind of crimes are most often committed in an area before moving in. It would seem the home buyers are concerned about home-based crimes, naturally.
City Planning - Also known as zoning. This is what will determine the future of the neighborhood and area in general. Are they planning on dropping a huge big box store in your backyard? This will no doubt have a huge effect on the value of a property and the neighborhood.
Selecting your area is one of the most important choices in home buying and is extremely important in the sales game. It is harder to sell homes in less developed areas and areas that are run-down. So plan ahead for your purchase or sale and get the most out of it.
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How can I find out if my home value went up?I just purchased my home in Aug, 07. I did 100 percent finance, and I would like refinance so I can get lower interest rate. I currently have 10.75 as a rate with a 30 year fixed interest rate. I just want to know how can I find out if my value went up and if I can refinance just for a lower rate.
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Kelli Bennett -
About the Author:
Kelli Bennett is a real estate agent specializing in Breckenridge real estate. www.kellisells.com is your leading site for all your Summit County and Breckenridge real estate needs. Contact Kelli today for more info.
I live in Central FL, where most homes are on slabs. I've also lived in other foundation type housing.
The selling value isn't strictly determined by either of your suggestions. A CRAWL SPACE is virtually useless, in some respects, because any plumbing or electrical issues that are buried, still have to be dug into, in order to facilitate repair. Beyond that Crawl spaces don't allow storage under a house of any significant value, have that Open Air space to contend with as far as insulation, structural integrity, moisture, dirt, critters, etc etc etc.
I have no clue as to your desire for either, or your judgements of slab versus anything else, or even where you live, but slab would be the least expensive way to go. If you're able, why not do basement? or partial?
The deck and steps up are of little consequence, yet I sense you're looking at a resale value rather than a live in value.
There truly will not be any right or wrong answers here. It's like painting a house. We all have preferences, and opinions.
Rev. Steven
It sure does. The condos I'm leasing with a purchase option were selling at 189k last year. Some moron had to sell his at a loss for 169k for some reason, now that's what ALL the condos around are on the market for today. Thanks to that jerk I can't exercise my option - I'm not paying the agreed 189k for a place that's now worth 20k less.
Sometimes getting a good deal on your house can mean screwing over everyone else in our neighborhood.