Understanding Property Valuation: Why Your Home Is Worth More Than You Think
April 11, 2025
5
min read
What Determines Property Value?
The value of your property is based on a mix of objective and market-driven factors, including:
- Location – Proximity to schools, transport, amenities, and neighborhood desirability.
- Condition – Age of the home, maintenance status, and recent upgrades.
- Square Footage – Larger homes generally command higher prices.
- Market Trends – Local demand, interest rates, and economic conditions impact value significantly.
Common Myths About Home Appraisal
Many homeowners misunderstand what impacts a home's appraised value:
- Overpricing your home doesn’t raise its appraised value—it may actually discourage buyers.
- Online tools like Zillow estimates are not always accurate and lack nuance.
- Cosmetic upgrades (like paint or furniture) don’t affect valuation as much as structural or system upgrades.
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How to Boost Your Property’s Market Value
Strategic improvements can significantly increase your home’s appraised value:
- Kitchen and bathroom renovations tend to offer the highest ROI.
- Energy-efficient upgrades like solar panels or insulation can appeal to eco-conscious buyers.
- Landscaping and curb appeal are essential for strong first impressions.
- Fresh paint and minor repairs show that the home has been well-maintained.
When to Get a Professional Valuation
You should seek a formal valuation when:
- Applying for a mortgage or refinancing
- Selling your home
- Managing estate planning or inheritance matters
- Making a real estate investment decision
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