With the market on the rise, many homeowners are wondering how much their current house is valued. The only way to get a true, accurate rate of your home is to have it appraised. Real estate appraisers use a variety of factors to discover the value of a house.
Here are a few ways how appraisers determine the value of a home:
Location
One of the biggest factors in the value of your home is its location. If homes in your neighborhood sell on average for more than similar homes in another neighborhood, it will boost the value of your home. When comparing your home with one that is similar in another neighborhood, the appraiser will take into account the prices of the home sales in each neighborhood.
Size
The size of your home and your property play a big role in the value the appraiser will set. Generally, the larger your home and lot, the more it will be worth — although the value will be influenced by other factors as well. For example, a larger home in a less-desirable neighborhood may have a lower value than a smaller home in a hot neighborhood.
Bedrooms and bathrooms
The number of bedrooms and bathrooms you have plays a role in your home’s value. In a general sense, the more bedrooms and bathrooms you have, the higher your value will be, but other factors can trump this. For example, a larger home with fewer bedrooms and bathrooms might be more than a smaller home with more bedrooms and bathrooms.
Materials
The materials used in the construction of your home, both inside and out, can play a role in your appraisal. For example, a home made of stone or brick will likely appraise for more than a similar home made from wood or that has vinyl or aluminum siding. Inside, a home with lots of wood flooring and tile might be worth more than a home that has carpet and vinyl.
Improvements
The more improvements you have in your home, the higher its value is likely to be. For example, if you have a finished basement and/or attic, your home is likely to be worth more than a similar-sized home without those finishes. Upgrades you have made to other rooms — kitchens and bathrooms especially — also is likely to boost your value. External improvements such as a new roof or an enlarged garage also will boost your value.
Are you in the market to buy or sell a Nashville home? Our award-winning real estate agents can help. Give us a call or drop us a line today.