The value of a home depends on what buyers are willing to pay for it; however, every buyer is different. For example, a buyer with a family will weigh a home’s value based on factors such as the location of schools and his/her job. Another buyer might weigh its value based on the number of rooms it has and its overall size. Whether you are planning to sell or buy a house, you need to determine how much it is really worth. From location through to supply and demand, planned infrastructure projects and facilities, many factors can affect the value of a home. Therefore, it is important to work with the right Savannah, GA, real estate agent.
If you want to know more about the Savannah, GA, real estate market, and factors that influence property value in the area, you are in the right place. Whether you are simply curious about the value of your property or you are considering selling your home, working with a trustworthy real estate company will give you an upper hand. However, you need to think about some of the top factors that affect the value of a home.
The home’s location is one of the most important factors affecting the value of a home. A home will have a higher value if it is close to public transportation, shops, schools, restaurants, and other public amenities. It will also have a higher value if it is close to the city center or is in a popular tourist destination. Essentially, the more accessible and popular the home’s location is, the more expensive it will be.
Usable Space and Size
People often mention the market value of a home in terms of price per square foot. In other words, this is the total sales price of the property divided by its square footage. For example, a 2,000 square foot home sold for $400,000. This means that its price per square foot was $200. In addition to the square footage of a home, its usable space will also have an effect on the property’s value. Buyers do not include attics, unfinished basements, and garages in usable square footage. Instead, they include spaces such as bedrooms and bathrooms that can increase a home’s value.
Home’s Condition and Age
The age of a house plays an important role when it comes to determining its value. Most buyers are looking for relatively new homes since they do not require major repairs and renovations. Newer properties, however, are more expensive than old properties. In addition to age, buyers also consider the home’s structural condition. Most buyers will choose an older home that is in excellent condition rather than a newer one that will require major renovation.
Supply and Demand
The forces of supply and demand have a major effect on the value of a home. If there is a fixed supply but a high demand, the value of homes will increase as more buyers try to invest. On the other hand, when the supply is more than the demand, home values will start to decrease.
Other factors that affect the Savannah, GA, real estate values include:
- Home renovations, updates, and upgrades that can significantly increase a home’s value.
- Real estate comps.
- Building regulations.
- Renovation potential.
- Interest rates.
- Economic factors.
Before buying or selling in the Savannah, GA, real estate market, it is important to have a good idea of the property’s value. You should also consider other factors, such as unemployment and crime rates in the area, before making your decision. This is why it is important to work with a professional real estate agent or company with extensive experience in property valuation.