What Affects Your Home's Value? Price, Condition & Location are Key Factors to Consider ????

What Affects Your Home's Value? Price, Condition & Location are Key Factors to Consider ????

What Affects Your Home's Value?????⁠

It's understandable to have an emotional connection to your home, even if you intend to sell it. However, it's crucial to keep in mind that selling your home is a business transaction, and emotions should have as little impact on the process as possible. Prospective buyers won't place value on your personal memories or design preferences, but certain factors will influence their decision on whether your asking price is reasonable.

Here are five considerations to keep in mind when determining your home's value:

1. Age and condition: The age of your home and its condition are significant factors in setting a price that is comparable to other homes in your area. Make sure you are aware of the details of similar homes in your area, or "comps," to ensure that your asking price is reasonable.
2. Square footage: Your home's square footage should be within 300 square feet, give or take, of other comparable homes in the area.
3. Location: The location of your home is a major factor in its value. For instance, if your home has access to a local lake while another home in your area doesn't, your home will likely be more valuable. Other factors, such as the quality of the school district, proximity to highways, parks, and retail stores, also play a significant role in determining value.
4. Amenities: Your home's unique features, such as a pool, spa, or gourmet kitchen, will affect its value. If you have these amenities, you may be able to set a slightly higher asking price than comparable homes that lack them.
5. Bedrooms and bathrooms: The number of bedrooms and bathrooms in your home will heavily influence its value. When searching for comps, look for homes that have the same number of bedrooms and bathrooms as your home to determine an accurate asking price.

Are you ready to sell your luxury home? Contact me today to get started.

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New Eastside Living

Ginger Menne
737 N. Michigan Ave, Suite 1800
Chicago, IL 60611

Tel (312) 927-0852
Off (312) 216-5887
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