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How is The Value of Lakewood Real Estate Determined?

If you are a home seller in Lakewood, it is obvious that you want to sell your Lakewood real estate for top dollar, however, it can be complicated to establish an accurate home value. The process to do so is multifaceted, many realtors will confirm. Will your home improvement project increase the value of your home? Is it more valuable to sell a three or four bedroom home with similar square footage? Let’s review what the insiders think below.

The Location
Location is one of the essential factors as it relates to selling a home and establishing the value. The factors involved may include:
  • Recent sales of nearby homes
  • Quality of the local schools
  • Strength in community
Most home buyers value a strong sense of community, activities, and good local school districts. Many American homebuyers will generally look for communities where long commutes are at a minimum and public transit is easily accessible. Some may prefer close proximity to parks, grocery stores, and religious facilities. Other things that home buyers consider are:
  • The view
  • Accessibility to the highway
  • Close proximity to family and friends
Layout and Size
Many home buyers will oftentimes seek real estate properties with enough square footage for their comfort. Many have realized that there is more maintenance work involved with owning larger homes. Layout is also another significant factor. An open concept design appears more spacious than an enclosed design of a similar size. The number of bedrooms will also sway the value of the home. However, the value will increase with larger, but fewer bedrooms instead of erecting a wall that turns one bedroom into two.

The Condition and the Age
As a home ages so does the value of the home. This is especially true if the home is not adequately maintained. On the contrary, a historic home that is well-maintained and livable will carry a higher value. The condition of the home also matters. A homebuyer will often agree to pay an additional $10,000 for a move-in ready house than one that needs a lot of work.

The Upgrades
When you renovate your home, it adds value. However, if there are too many renovations where your property becomes incomparable to other neighborhood properties, you may be hurting your property value. Your renovations or upgrades should be common to the other houses in the neighborhood. It wouldn’t hurt for you to visit an open house in the neighborhood to get some ideas. An appraiser or realtor could determine the effect of renovations on your home’s value.

Home Issues
If you have issues with mold, the value of your property may go down. If you live in an area where crime is a problem, it may be more difficult to sell your property. If your home has been damaged by fire, this could also be a deterrent to home buyers.

There are many Lakewood homes for sale and many buyers! If you are ready find the right buyer at the right value and want to know the determined value, Colorado Home Sales can assist you. Contact the real estate experts today at (720) 220-2059 to discuss your real estate needs.