Whether you are buying or selling a home, one of the most important pieces of information to find out is the true value of the home. The way in which a person determines the true value of the home is through obtaining a home appraisal. An appraisal will take into consideration a number of factors to determine the value. One of the most important things is that it does not take into account is the emotional value a person has put on the property. Sellers sometimes believe that their home is worth much more than it actually is valued at because they are emotionally attached to it. The real estate market truly does not value a property based on whether you raised all ten of your children there, or whatever the case may be.
Listed below are a few of the factors that actually do matter when it comes to determining the value of a home.
- Number of rooms, including bedrooms and bathrooms
- Year built
- Upgrades and renovations
- Condition of the home
- Location of the home
- Add-ons to the property (ex: pool, tennis court, etc.)
- What price comparable homes were recently sold for
- Square footage
As you can see, there are so many factors that the person conducting the appraisal will look for when determining a home value. If you need assistance with any legal portion of the real estate process, it is important that you consult with an experienced real estate attorney that can guide you towards the outcome you are hoping to achieve.
If you require strong and dedicated representation for any of your legal matters, contact The Law Offices of George J. Mardinly to schedule a consultation.