Factors Influencing A Property’s Value

Factors Influencing A Property’s Value

Most people want their home to appraise well, as this can provide a number of benefits that include the ability to secure a second mortgage, good resell value, and an easier time accruing equity. Your home assessment is based on a number of factors, some of them more surprising than others, and we will discuss these in the scope of this article.

Unexpected Considerations

Certain things that may seem inconsequential can actually lead to a higher or lower valuation of a home, depending on the first impression that they give. Streets that have numbers instead of names may fare lower in pricing as may houses that have ‘unlucky’ numbers, such as thirteen. Suffixes like street do not perform as well as ones like Boulevard. Price points can even fluctuate within an apartment building, as units located on upper levels will fetch a higher appraisal. Historical designations can also increase the premium on homes in a neighborhood.

Curb Appeal

Outside factors, such as the presence of mature trees, can positively contribute to the value of a home. In addition to this, it is important to be close to neighbors whose homes are not derelict, as this can drag the appraisal down. An appealing exterior with a well-kept lawn is highly beneficial, and it really comes down to the details. Attractive light fixtures that are in working order and an overall charming and tidy appearance can give your home a significant boost in value right off the bat.

Internal Features

The basis for most home assessments will come from the square footage of the home, but this will depend greatly on the condition of the dwelling. Super excellent ratings do not exist, so applying fine finishes will not extend the evaluation of the home, though it may appeal to some buyers. Homes with central heating and new windows will do better than those with antiquated climate control and original panes and frames, and comparable listings will weigh prominently on the final estimation of a home.

Contact Sokol Group before the upcoming tax deadline 2017 to inquire about their property tax grievance services. If you live in Westchester, Rockland, and Orange Counties or want to reduce your property tax, Sokol Group can review your home assessment and provide exceptional services to help reduce taxes.

Photo courtesy of Pexels

More from our blog

See all posts