FACTORS THAT AFFECT VALUE

Dated: 03/12/2019

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If you plan to purchase a home in the future, keep in mind the factors that will most affect the value of your real estate when you decide to resell it to someone else.  Listed below, in order of importance, is my opinion of the vital facts that buyers consider.


LOCATION

Nothing impacts value more than location.  What is the reputation of the local municipality?  How about the local school system? Another aspect of location is teh type and condition of surrounding properties.  Their value and quality of maintenance will have a direct bearing on the value of the property being considered. If you are looking at a single family detached dwelling, it is most desirable to purchase a home that is completely surrounded by similar properties of equal or greater value.


FLOOR PLAN

Some designs well better than others.  The most common and popular floor plan is the ranch style or one floor model that may or may not have a basement.  The second variety is the two story that usually features the living areas on the main floor and bedrooms upstairs.  Split level floor plans usually come in third place with the 1 ½ floor design taking fourth.


FEATURES

After location and floor plan comes the specific features such as number and size of bedrooms, number and size of bathrooms.  The master bedroom and batch can often be the deciding factor in the desirability of one property over another. The kitchen is also a key factor.  If the existing kitchen is not up to date and equipped with modern appliances, the expense necessary to bring it up to today’s standards could discourage a potential buyers


CLEANLINESS AND CONDITION

Most buyers don’t want to clean up or fix up a home after they buy it.  Properties that are clean and well maintained ALWAYS sell quicker and for more money than others.  


ADVICE: Use the advice and experience of a Realtor when buying your next home.


Reproduced with permission

By: Thomas Ervin

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Jeremy Callahan

About Jeremy Callahan-- Jeremy is a real estate consultant, and team leader of the Callahan Real Estate Group. A graduate from UT-Chattanooga in Communication and Marketing, he brings a high level....

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