Whether you’re the average homeowner looking to put your property on the market or a professional investor, it’s good to know what determines how much your home is worth.
In order to better understand how everything comes together, here are 5 of the top attributes that affect your property value in Boston.
Location and Neighborhood
As you have probably heard a few times, real estate is all about location. Where your property resides has a huge impact on its value.
A neighborhood’s proximity to shopping, entertainment, hospitals, great schools, parks, the water, or main traffic thoroughfares can certainly have something to do with your home’s value. The idea here is for the home to be within easy walking or driving distance, but not so close that you have to deal with the increased noise or traffic from these establishments.
The value of the surrounding neighborhood properties will also play a part in your home’s value, especially if any of the houses in your neighborhood sold recently. This is referred to as neighborhood comp, or “comparable sale,” and is a strong reference point used by real estate agents and appraisers in determining your property value in Boston.
Size and Setup
Of course, it’s not just the places and things surrounding your house that will figure into its value, but how much house there is to sell.
Buyers are looking to get a property that will suit their needs and provide what they feel is a good value. Different buyers are looking for different things, and your buyers will be looking at the available space in order to determine how they can best use that available space.
Some buyers may appreciate a large garage to put in a workshop, while others will see a workshop as useless and prefer a four seasons room. Some will prefer huge living spaces, others would rather square footage in the kitchen and bathrooms. It’s all in the eye of the beholder, but the more functional interior space, the better.
Home Age and Condition
While this has become a bit less of an issue these days with the prominence of house flippers, the overall state of everything in the home can of course have a large impact on your property value in Boston.
There is a bit of a sliding scale when it comes to a home’s age. In some cases, an older home that has been cared for can appreciate in part due to the craftsmanship and attention to detail. Carefully maintained Tudor, Victorian, and Queen Anne homes are sought-after in many markets. Buyers are interested in owning a home with character, so don’t feel dissuaded if you own an older property that remains in-style.
Making sure everything is taken care of is more important than the exact age of the home.
Out with the Old, In with the New
While living in your home, chances are you made some changes.
Any upgrades or updates you have done to the property will go a long way to increase the value of your home and aren’t something to take lightly, especially if they are stylish upgrades in the kitchen, bathrooms, or in prominent spots in living areas. Making the effort to highlight these upgrades to potential buyers is a great way to increase the value to individual buyers.
The Economy Overall
The health of the local and wider economies will have a big part to play in the value of your home.
Keeping an eye on interest rates is a good way to know how your home’s value may fluctuate over time. Lower interest rates mean that borrowers will likely qualify for greater loan amounts approximately equal to what their monthly payment would have been under the old, higher interest rates.
With increased purchasing power allowed by their mortgage lender, this means more potential buyers for your property, better offers, and greater value in the current market.
Help Determining Your Property Value in Boston
Figuring out just how much your home is worth can be difficult. At NextHome Titletown Real Estate, part of our process involves crafting a Customized Property Value Report specific for your property. If you need help determining your property value in Boston, contact us today at (617) 657-9811!
Boston and Beyond – Just Hit the Market!
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.
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Boston and Beyond – Just Hit the Market!
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.