Property Value: What is it and How Can You Impact it?

December 15th, 2023

Owning property comes with responsibilities, and taking care of your home is essential—not just for comfort, but also for maintaining and increasing its value. Your house is likely one of the most expensive purchases you’ll ever make, and with proper care, its value can grow over time. When it’s time to sell, understanding property value and how to boost it can help you get the highest return.

What Is Property Value?

Property value is simply the amount of money your house is worth. While multiple factors influence value, the ultimate determinant is what a buyer is willing to pay. Presenting your home in the best light can attract multiple offers, giving you leverage to maximize your sale price.

How Is Property Value Calculated?

A home appraisal is the most direct way to determine your property’s value. Lenders typically order appraisals to ensure they aren’t financing more than the house is worth. Appraisers evaluate:

  • Size: Homes of similar square footage
  • Age: Comparable homes built around the same time
  • Location: Proximity to your property
  • Recent sales: Prices of similar homes in the neighborhood

After assessing these factors, the appraiser provides an estimate of your home’s market value.

How to Increase Your Property Value

Boosting your property’s value can make a substantial difference when selling. Here are six key strategies:

1. Take Care of the House

Routine maintenance is crucial. Keep systems like HVAC, hot water heaters, and the roof in good working condition. A well-maintained home signals to buyers that the property has been cared for, increasing its perceived value.

2. Sell in the Right Market

Timing matters. Selling when demand is high and supply is low can result in better offers. Conversely, a market saturated with homes may lower the price you can command.

3. Handle Repairs Before Listing

Address necessary repairs before listing your home. Unresolved issues can lead buyers to negotiate price reductions or request repair credits, reducing your final profit.

4. Consider Finishing Your Basement or Attic

Adding usable square footage can significantly increase your home’s value. Finishing a basement or attic adds living space, making your property more appealing to buyers.

5. Maximize Your Curb Appeal

First impressions are critical. Ensure the exterior looks inviting by maintaining landscaping, repairing driveways, and keeping the property clean. A strong curb appeal can increase perceived value and attract more buyers.

6. Update the Appliances

The kitchen is often the heart of the home. New appliances and modern upgrades can improve both functionality and appeal, encouraging buyers to offer more for your home.

Work With Mike Glisson to Maximize Your Home’s Value

Local market conditions can shift quickly, so working with an experienced real estate agent is key. Mike Glisson at Ormond Beachside has extensive knowledge of the Ormond Beach area and can help you position your property to achieve the highest possible sale price.

Reach out today to learn more about strategies for boosting your home’s value and maximizing your real estate investment.