Angela Bergin's Blog
You may have looked up what the estimate of your home’s value is online. This is purely a number based on what other homes in the neighborhood are selling for. There are some obvious factors that you need to know to calculate your home’s value. These include: how many bedrooms, how much square footage and how much land the home resides on. There are some not so obvious factors that are included in calculating the value of a home. Here’s some things that typically affect a home’s value:
The Street Name
As bizarre as this sounds, it’s true. Whatever suffix that your street name ends in can have an impact on the price of a home. “Street” is less expensive than Boulevard, Road or others. You may even be lucky enough to live on Park Place or Boardwalk!
Your House Number
People have superstitions and varying beliefs. Whether it’s numerology or the fact that you live at an infamously unlucky number house, buyers will be less attracted to your place. This is another one of the stranger factors you must keep in mind when it comes to valuing your home.
If you live close to any neighbors, they will play a factor in how much you can get for your home. If your next door neighbor has strange taste in paint color or has built an eccentric shrine in his front yard, potential buyers may be turned off. You can’t pick your family. However, if you’re moving you do have a say as to what kind of neighbors you’ll surround yourself with. Be prepared for this to affcet your home value if this is the case.
Did you know that trees increase the value of your property? When properties are being built, trees are often cleared away. If you have trees around your property that have grown, you’ll find that you can get a bit more for your home. Want to add value to your home? Get planting!
Crown Moldings Are King
People love crown molding. You can put in crown molding as an easy way to add value to your home and be more attractive to buyers. While buyers look for high ceilings, crown molding can certainly be a deal breaker.
Your Hobbies Are A Buyer’s Hobby
If you have anything in your home that buyers love, they’re more likely to want to buy the home. If you’re a huge football fan, and a buyer comes along with matching interest, you could add some more attention to your home. The reason is that buyers can easily see themselves there due to the shared interest. But, this also has a reverse effect. Not everyone is a football fan. If you want to appeal to a larger pool of buyers, (which you probably do) you may want to get the extensive hobby paraphernalia out of your home before it’s shown.
A Crime On The Property
If there was a death on the property or a significant crime, people will be turned off. This will significantly affect the value of your property. You’ll most likely have to reveal the death or the crime in the buyer’s disclosure as well based on legal requirements.
Whatever is nearby could have a significant effect on your home’s value. Whichever kind of grocery store or restaurants are nearby can really help the value of your home. People love their daily coffee! If there’s a unique coffee shop down the street, or a popular grocery chain, you could be looking at potential gains on the value of your home.
Buying a home is a complicated process with a lot of opportunities to make costly mistakes. There’s no high school class to prepare you for buying a home but there probably should be. If you’re a first time homebuyer and you came across this article looking for advice, congratulations--you’re already doing the most important thing you can when making a big financial decision: the research.
In this article, we’ll cover some of the most common mistakes that first time homebuyers make when entering the real estate market. We’ll break it down by the three main phases of home-buying: saving for a home, hunting for a home, and signing a mortgage.
Saving for a home
One of the first lessons that all first time homeowners quickly learn is that being able to afford your monthly mortgage payments doesn’t mean you can afford a home. Many first time buyers are often coming from living situations where certain utilities are included (water, heat, electricity, etc.). Aside from those obvious expenses, there are also things like property tax and home insurance to budget for, both of which may increase. Finally, when you’re living in an apartment and your faucet breaks, you simply call the landlord. When you own a home, especially an older home, be prepared to spend on repairs and to start learning basic maintenance skills that will save you money.
The hunt for your first home
Now that you’re aware of the costs, it might be tempting to jump in and start looking at homes. Another common mistake first time homebuyers make is to waste time looking at homes before they’ve met with a real estate agent or have gotten pre-approved for a loan. Start there, then once you know the scope of your home search, you’ll have a much more relaxing hunt for your new home.
Another mistake that first time homebuyers make is to underestimate the time and commitment it takes to find a home. When you work with a real estate agent, make sure you are available at all times. Keep your phone nearby, stick to your schedule for viewing homes, and keep a list of each home you’re considering. Showing initiative and dedication won’t just help you stay organized, it will also show your agent and the home seller that you are worth their time.
One of the most common mistakes that buyers make when it comes to their mortgage is to fail to shop around for a lender. In fact, the Consumer Financial Protection Bureau found that only half of all buyers considered more than one lender for their home.
Buyers, first time and repeat, often think their credit report is set in stone. What they don’t realize is that the three main credit Bureaus (Experian, Equifax, and TransUnion) can all make mistakes on your credit. Check your detailed credit reports and fix any errors long before applying for a mortgage to increase your chances of getting a good rate.
If you avoid these common mistakes and continue to do your research along the way, you should be able to save yourself some headaches and some money in the long term.
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