Has Your Home’s Value Increased Since You Moved In?

Property is one of the best investments you can ever make. As the saying goes, ‘buy land because God isn’t making any more of it’. Once you do have land, it’s very difficult for it to lose its value from the current state that you bought it in. Even homes that are troubled by severe flooding almost every year won’t necessarily go down in value. They may stay stagnant but decreasing is extremely rare. Only when certain issues arise will this happen such as when pesky critters such as moles and gophers begin to dig holes in the earth. So if you are a homeowner you should be silently confident that your home has gone up in value. You’re sitting in an investment that could net you a very handsome profit if you ever do choose to sell. Time is the main thing that increases the value of the land. As more and more homes are built and on smaller patches of earth, your current home might be the best on your street due to its inherently bigger size. The question is how much has your home’s value increased?

What have you done?

If you have done something to your home that can be seen as improvements, this can greatly improve the value of your home. Perhaps you have built a garage on a portion of the front or back garden. Maybe you have even installed a jacuzzi outside or possibly had a swimming pool built outdoors. These are some of the things that can increase the value of your home. The increases will vary from construction to construction but the more leisure activities the home or gardens have the higher the fetching price will be in the listings. For example, a jacuzzi can end up putting 75-80% of the cost it took to build on top of your home’s value. For example, if it cost you $30,000 to put in, it could add $55,000 to your home’s value. 

Aerial Photo of Houses

Credit Flickr

 

Out of your hands

Sometimes it’s not what you do, but what happens around your home that can increase its value. Living close to natural scenic beauty is definitely something that will add value, but having it blocked off by a public fence, another property or trees might negate this factor. Complex calculations like the home value estimator on William Pitt uses an algorithm to see what’s popular with potential buyers and how those trends affect your property’s value. They also factor in nearby sales so you can get a gist of the general consensus of what other homes in your neighborhood are worth. Sometimes you just have to sit tight and allow the world around you to increase your home’s worth but knowing when you should sell is something you will need to study. 

The general rule of thumb is that if there are more buyers than sellers, the average property will increase in value depending on how popular the area and features are. Building something like a garage for vehicles is a practical element that will definitely be useful for any buyer. On the other hand, just sit tight and see how the world around you changes and study your neighborhood’s general sale prices.

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