Q:

What are some factors that influence the price of a home?

A:

Quick Answer

A home's value is based on its location, size and amenities. Neighboring property values, local property taxes and the quality of the local school system may also affect its price.

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Full Answer

A home's size, layout and condition have a huge impact on its value. Appraisers consider the square footage of the home, the number of bedrooms and bathrooms, the style and size of the kitchen and living areas, and the amenities that the house has to offer, such as cathedral ceilings, hardwood floors and fireplaces. The condition and age of the house also play a big factor as a buyer generally doesn't want to pay a large sum for a home that is outdated or needs major maintenance or repair work. A house's curb appeal, which is essentially how the house appears to potential buyers when they first pull up, similarly affects the home's price. Good landscaping can go a long way to increase the value of a home.

There are also several factors outside of the house itself which affect its value. The location of the house is crucial. Buyers are interested in neighborhoods with low crime rates, manageable property taxes and schools with solid reputations. Houses that have the best amenities in a bad neighborhood generally have lower values than the same houses in a neighborhood that is considered desirable. The local neighborhood also has an effect on the value of the home as the recent selling prices of nearby homes are part of a standard appraisal.

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