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Daniel Gale Associates Inc
Cecile Raoult, Daniel Gale Associates Inc
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Factors That Influence Your Home Value

by Cecile Raoult 02/10/2019

Many of us will move home several times throughout our lives. Whether it’s relocating for work, needing a bigger house for children, or a quiet place to retire to, it’s likely that the home you live in now won’t be yours forever.

 As a result, many homeowners wonder what they can do to ensure their home will have a high resale value when the time comes to move on.

 The good news is that there are a lot of things you can do now that will give you a good return on investment when it comes to selling your home later. However, there are a few factors that affect a home’s valuation that are out of your control. We’ll talk about all of those factors below. So, read on for a list of the factors that affect your home’s resale value.

 The age of your home

Your house may not complain about it, but it isn’t getting any younger. Homes tend to slowly decrease in value over time. A home built in the late 1970s, even if it’s well taken care of, most likely won’t sell for the same price as a 15-year-old home.

There is one exception to the rule, however, and that is historical houses. Homes that are a century old can sell for top dollar because of the craftsmanship and history that the house contains.

Admittedly, this is a niche market, as many people just want a safe and efficient home to live in. However, there are some homebuyers who will put in a bit of extra work around the house for the chance to live inside of a piece of history.

Smart renovations

When you’re upgrading your house it’s important to remember how that upgrade will pay off years down the road. Some renovations will almost always give a good return on investment such as a finished basement or attic and improving efficiency via added insulation or replacing windows.

Renovations that match a very specific decorative taste or style could come back to haunt you. This includes bathroom sinks, kitchen cabinets, countertops, and other expensive projects that are subject to the next owner’s taste. While these upgrades can give a good return on your investment, they’re more likely to be successful if they fit the current trends of style and craftsmanship.

Neighborhood and town

One of the factors of home valuation that you have little control over is the town and neighborhood the house is located in. If there are closed down businesses, foreclosed and deteriorating homes then potential buyers might be turned off to the neighborhood.

Similarly, the town you live in has a lot to do with how much people are willing to spend. If you have easy access to interstate highways and large cities, highly rated schools, and good local infrastructure, then buyers are likely to take these into consideration when making an offer, as the average cost of a home in your town is likely higher than some surrounding towns.

About the Author

Author
Cecile Raoult
Cecile is a luxury client specialist. With almost 20 years of experience working with high-end clients in the hotel and resort industry, Cecile has served as a liaison to VIP clients including high level United Nations' dignitaries and the Secret Service. “I’ve worked closely with a wide range of VIPs from New York to Monte Carlo and I understand their need for flawless planning and execution as well as discretion.” Born in Manosque, France, Cecile is a native French speaker who enjoys traveling. Cecile is also passionate about interior decorating and can assist clients in getting that luxury “boutique-hotel look” in their homes before selling. Prior to real estate, Cecile worked for major luxury hotels and resorts including The New York Palace Hotel, and Mandalay Bay. Cecile has an Associates Degree in Sales and Marketing from Lycee Felix Esclangon in Manosque, France. A graduate of the Windows on the World Complete Wine Course, Cecile appreciates fine wines and food. When she’s not preparing lovely meals for her family, Cecile enjoys outings with her friends in Garden City where she has resided for the past 8 years.