What Determines a Home's Value in Lexington, KY?

As we enter into the start of real estate season for both homeowners and homebuyers, there are a few things to be aware of when surveying the trends. Nowadays, many people looking to buy a home have most of the information at their fingertips, meaning that they look past the basic exterior and price tag of the home. Therefore, it is important to make sure that if you are looking to sell your home that your home is considered valuable outside of just a superficial context. Similarly, you have put quite a bit of time and energy into your home, meaning that you also want that value to be showcased to those looking to purchase so ensure that you get a profitable return on your initial investment of purchasing the home.

Location is one of the main things that determines the value of your home. Although this may seem like an obvious determinant of value, you need to be aware of the needs of those looking for your home and what they are looking for in a specific location. Depending on the potential customer, they could be worried about things to do around the home, accessibility to grocery stores and health care, as well as the particular school district and how close it is to their job. Be sure to market the advantages of your location to ensure that you are meeting the needs of the consumer. Location is also a derivative of the value of the property itself, meaning that if it isn’t well maintained or there are evolving factors to the land that keep in marketable, then it will lose its value. If there is the possibility of future developments, then it could either make your home more valuable or detract from the value depending on duration, noise, and cost.

There are some other small details that may seem irrelevant to those purchasing a home, but it can sometimes be the smallest details that challenge a sale. The surrounding neighbors contribute to the value of the home depending on your target buyer. For example, if you are in a neighborhood that consists of mostly young families, either couples or those with young children, then it will be attractive to those who are looking to settle down and purchase a house that they can stay in for the long-term. Similarly, don’t disregard the aesthetic details. You need to gauge the amount of maintenance that is required of the property and make sure that it stays at a minimum. Homebuyers look at the size of lawns, landscaping, and even the number of trees on a property to determine how much effort will be required to maintain the area. The same can be said of the interior, meaning that if either the shower or the kitchen sink doesn’t look new or durable, then it may cause them to think that they will have to put more into the home than what it is worth.

To find out more about your home value, come see us at Hometown Lenders. We have multiple locations across Kentucky and Tennessee, including Lexington, KY, and we proudly serve the surrounding area. Please call us today at 859-475-1323