Factors That Affect Home Value: What to Consider When Buying or Selling a Home
Whether you’re selling a home or buying one, almost everyone wants the same things from a property. Not only should it be safe, but it also needs to be comfortable, up to date, and feel like an incredible place to arrive home at the end of every day.
Factors That Affect Home Value: What to Consider When Buying or Selling a Home
These are the top factors that will affect your home value and what sets them apart when you’re buying or selling a home.
1. The Age of Your Roof and Siding
How old are the roof and siding on this property? Having to update this portion of any home right after buying will scare a lot of buyers off since it can cost tens of thousands of dollars depending on the size of the house.
Buyers look for a property with sturdy, fireproof roof shingles, siding that’s still within its first ten years, and little to no wear. Although this is an update that can be done down the road, it’s best for the home value if sellers update them before listing.
2. Natural Details for Effortless Beauty
Nature and more eco-friendly materials have become incredibly popular in recent years. People want to feel immersed in nature while also doing as little damage as possible to the environment.
If you’re ready for effortless beauty, consider details like exterior wood cladding or using more natural stone colors in your sidewalks and driveway. This can make your home feel more grounded in the world around it.
Buyers, if you see a property like this, make sure the materials are built to last! It should be so much more than just looks.
3. Countertops That Last and Look Fantastic
Your counters are the area of your kitchen that gets the most traffic. We set dishes here when preparing food, might store mail there for a moment, or use it as a space to cut veggies and share memories with loved ones. These need to carry the kitchen and give the entire room a welcoming feeling.
Consider Caesarstone vs Cambria, and think about the look of your entire kitchen. Both of these have a more natural look and are also similar in price while staying durable. The largest difference is in appearance, where Caesarstone pulls through with a more natural and earthy feeling.
4. Safety Features Throughout the Property
Safety is key when you’re looking at buying or selling a home. Nobody wants to end up in a house that’s an accident waiting to happen. This could be as obvious as a security system and exterior lighting, but it should also mean safety through strong exterior doors, updated windows with locks, and railing on stairs.
Talking with a professional home appraiser will give you the opportunity to find the gaps in security and find out how much it’ll cost to fix them.
5. Exterior Entertainment Spaces
Buyers want a space that lets them spend time outside in the fresh air with loved ones. The plain all-grass lawn is no longer a top item on buyers’ lists. Exterior entertainment spaces could mean a roof deck with an outdoor kitchen and fireproof roof shingles, or it could mean a simple patio that has a grill and comfortable seating.
Consider what suits the property the most and if this will be a usable space.
6. Effortless Natural Light Throughout
Natural light can change everything. When you walk through a home with lots of natural lighting, it’s going to feel more spacious, cleaner, and organic in ways that a house with fewer windows could never.
If you’re a homeowner, it’s good to know that adding a new window only costs between $100 to $600 per window and gives you the opportunity to make any room feel larger and fresher.
7. An Intelligent Use of Interior Spaces
Many homeowners find themselves floundering, trying to use every space in the best way possible. If you’re selling your home, it’s important to give buyers a chance to see themselves easily living in the property.
This could mean staging a home so that one of the bedrooms is a home office, or it could mean dividing a long and narrow living room into a television space and a mini library with a reading nook.
As a buyer, keep an eye out for multi-use spaces or rooms that don’t make any sense for your needs.
8. Energy Efficiency Year Round
Energy efficiency will be of paramount importance in 2023. Buyers want a property that’s not going to cost them a ton from month to month, and sellers will love the boosted value that comes with an energy-efficient home.
To increase energy efficiency, look at the seals around doors and windows, and pay attention to what seems to draw the most energy.
Almost Everyone Wants Comfort and Safety in a Home
Comfort and safety can’t be overstated in any property. If you’re buying or selling, keep in mind that these eight factors are what most people want in any property they’ll call home.
Sam Willis is a freelance writer that loves sharing his knowledge and expertise on commercial real estate. He lives in Atlanta, Georgia where he enjoys spending time with his wife and researching real estate trends in his free time. Sam’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource site.
