Determining Home Appraisal Value: 7 Contributing Factors
The valuation of your home will consider a variety of contributing factors. The appraised value will weigh everything from location and demographics to the physical attributes of your home. These are key influences. 1. First is the location. The neighborhood’s location value will be relative to its proximity to area schools, amenities and accessibility to those amenities. A home’s location within the neighborhood can add positive value if it is in a cul-de-sac or on a large lot and does not back up to any main roads. Location value is reinforced if surrounding homes are clean, neat and owner-occupied. 2. Value will be influenced by what upgrades and updates are contributing to making a home more current in quality, energy efficiency and safety. 3. Appraised value is enhanced when a home has been built in the last 20 years because it presents a lower risk for needed repairs and has newer amenities. 4. Buyers will pay higher prices when the design of a home is t...