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.
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
Join Our Newsletter
Never miss an update on new homes available for sale or rent.
.jpg)
