Buying and selling property in any city can be difficult, especially if you don’t know your home’s value. There are a few things that you can do however to determine that value and get the best price whether you are buying or selling. Today we have a quick list detailing four different factors to look out for, especially if you’re getting ready to do anything with real estate in Ypsilanti Michigan. We’ll start with the location.
Location Matters for Real Estate in Ypsilanti Michigan
Whether you’re dealing with Ypsi condos or regular residential homes, you need to take into account what an appraiser will be looking for. While the home might be in the ideal location for yourself and your family, it might not be for others. Some of the most common factors include:
· School Quality and Proximity
· Nearby Amenities (shopping, medical care, entertainment, etc)
With all of this being said, you can see why one house may be more popular and higher priced than another even if it is only a few miles away. The proximity to highways, services, utility lines, and even public transit can make all the difference in the world.
The Size of the Home
How big the home is will play a huge part in the final selling price, but you also need to think about how much useable space you have in there. For every home, the value is estimated by price per square foot, and the sale price is divided by the home’s square footage. A 2,000 square foot selling for $200k for example would come out to $100 per square foot. This, of course, excludes the amenities that may have an impact on the home’s overall price. Once again, however this all dependent the location of the home and its proximity to amenities as per the previous paragraph.
Livable space is another important thing to take into consideration, so for example, the number of bedrooms and bathrooms. If you were to add bedrooms, you could increase the value of your home by twenty percent. Just make sure that you are doing it within legal guidelines, for example, a basement bedroom is against code if there is no fire escape.
The Age of the Home
The Ypsilanti real estate market is saturated with turn of the century homes, but regardless, brand new homes will always appraise at a higher value. The reason behind this is often that newer homes come with state-of-the-art amenities and more up to date materials. For example in a newer home you’re going to have a higher insulation R-Value right out of the box along with an electrical system that can withstand modern loads. Property in Ypsilanti Michigan will always go faster on the market if it is move-in ready, so combat this by keeping your home up to date.
Before you put your home on the Ypsilanti real estate market it would be a good idea to see about some upgrades. Better amenities, better wiring, new windows, and even a change of siding for the exterior can raise the home’s value significantly. A remodeling project that involves swapping out the kitchen cabinets or changing the backsplash for example can go a long way toward helping you get top dollar. If your home has outdated features, speak to an interior designer or contact a remodeling company to help you get it up to date.
Bottom line: The only thing that you cannot fix when it comes to your home’s value is the location. You can remodel, you can add bedrooms, you can make repairs, but ultimately it all comes down to where it is. Fortunately, most homes in Ypsi are within close proximity of schools, hospitals, shopping, and much more. With the right repairs and the right realtor, you can still get your money’s worth.