Owning a home is one of the most significant investments you’ll make in your lifetime. It’s not only a place to lay your head; it’s also a place where you make memories with friends and family and celebrate those important milestones — but that’s not the only value you gain from owning a home.
In fact, there’s value in the home itself, and the longer you live in your home, the more that value appreciates over time. Knowing what contributes to your home’s value is essential, whether you’re looking to sell your property and buy a home in Bedford Park, or you’re just keeping this information in mind for the future.
In this guide, we’ll explain the key features that contribute to your home’s overall value so you can get the most out of your investment.
While this isn’t something you can change while you’re living in your home, location is an important factor in how your home appreciates in value over time. An experienced realtor will tell you the same thing — proximity is everything.
Proximity can vary in importance depending on where you live. If you live in a big city, future buyers will likely be looking at how far your home is from restaurants, shops, and entertainment-based activities. If you live in a suburban or rural area, you’ll likely get families looking at the proximity to kid-friendly activities and reputable schools.
Your home is an investment, and a renovation is one of the most effective ways to get the most out of that investment. Renovations are designed to optimize your home and its interior and exterior spaces to reflect your personal style and to make the home look its best overall.
What you choose to renovate is entirely your choice, though there are common projects that are known to appreciate in value over time. Kitchens are often the most in-demand room of any home, and upgrading items like cabinets and appliances can make a significant difference in the look, feel, and value of your household. Bathrooms, exterior landscaping, and even small finishes like cabinet handles and doorknobs can transform your home.
In addition to the big-ticket renovations you’ve carried out in and around your home, the value of a property is also dependent on the condition of the exterior and interior.
You could have a spacious home that isn’t kept up well or looks dirty and unappealing — or vice-versa, a home that doesn’t offer much square footage but is in immaculate condition. Both scenarios will determine whether your home has gone up or down in value.
If you work alongside an experienced realtor, they can explain the neighborhood comps in your area — referring to the prices of homes sold near your house. This insight gives you a valuable look at where your home stands among the rest and what you can do to match those prices within your own budget.