Last Updated on 2022-07-27 by AlexHales
What influences the value of your home? Is it the appearance, the style quotient, the layout, or the interiors? All of them indeed, but if you consider one of the most important factors, the price comes first. You always buy a home within your budget and hardly ever go out of it. However, when selling your home, the factors influencing the pricing is entirely different. Real estate has always been a fruitful asset to invest in, whether it is for short-term or long-term profits. But when it comes to Okanagan homes for sale and you need to get the best returns, you need to know the factors that contribute to the appreciation of property prices. Here is what you need to know.
Location of your home
Your current home needs to be in the most sought-after location in the city and offer the conveniences you need in everyday life. When disintegrating the location further to assign it the desired value, the locality must have local schools, offices nearby, and close to shopping centers, entertainment areas, and recreation centers. Once you understand the significance of the locality, you will know why some locations demand steep prices whereas the rest fall behind.
Upgrades and remodeling
Whether it is displaying luxury homes for sale Kelowna or otherwise, leaving the house in ruins may not get you the price it deserves. However, when upgrading the home, you need to consider those aspects that may boost the value of your home. For instance, if you remove a few walls and a couple of rooms to make the house look more spacious, the total square footage may reduce drastically. Naturally, the listing prices may bear the brunt of such mistakes. Besides, overdoing the home’s interior may also impact the price negatively. You need to counter several challenges when selling the home but try to save the energy for truly daunting tasks. Do not let the nitty-gritty affect the selling price of your house.
Timing is important
Another critical factor that may affect the price of your home negatively or positively is the timing. Ask yourself whether it is the right time and opportunity to get maximum profits before making a move. Besides, the real estate market may also demean or upgrade the value of your home. Factors like the interest rates, the local climate, economy, and competition may take a toll on a home’s value. That is why you need to connect with a Kelowna real estate agent to boost the asking price. You can also discuss with the agent about the best timing for listing your property and the value it can fetch. The more you explore, the higher the chance of moving in the right direction.
Home size
When estimating the market value of your home, size is one of the factors to consider. For one thing, a bigger home is likely to impact the valuation positively. Typically, the price per square foot is what comes out as the rough value. Besides, the amount of usable space inside your home apart from the garage may also determine the price. A striking balance between the livable space and the total square feet area appeals to the buyers. The bedroom and the bathroom are the two most important spaces the buyers’ scout. So, the more you offer, the worthier is your home.
Consider the comps
When it comes to luxury homes for sale Kelowna, find out whether your home has the features to be stacked against the other properties in the neighborhood. Take a look at the recently sold houses in your area with similar properties and features. You can also cite the prices of the comps if your property fails to fetch the desired rate.
Finishes
Have you given a thought to the value your home gets from expensive finishes? Does your home have expensive hardwood floors or bathroom vanities to die for? You may command a higher selling price if the property has expensive finishes and high-end upgrades. Go for a feature-rich home and get the price you demand.
Economic indicators
The faster the economic growth, higher is the price of your home. So, you may fail to get the desired value when selling your home amidst sluggish economic conditions. Try to stay updated with the current rate of appreciation of real estate in your area and hit the list at the best moment.
You can avoid the home selling anomalies if you are aware of the above-mentioned factors that influence your home’s value. Keep them in mind and attract serious buyers with the right place to list your property. Justin O’Connor has over 70 years of real estate experience and has the widest network reaching across British Columbia. So list your home with them and add more visibility to your property.
