If you’re willing to move to another home, you will need to determine your home value to make the best of your asset. Whether you choose one of the apartments for rent in Bahrain, villas for rent in Bahrain, a studio for rent in Bahrain, or buy another home, many things should be considered to do it right.
So, the question is how much can I sell my home for.
“Value” is a subjective term; one buyer may be willing to pay more than another for the same property. Therefore, when it comes to determine your home value that will attract buyers and help you achieve your goals, you need to find where you can find the customers who are willing to buy more.
Home prices are increasing significantly, which should be a silver lining for homeowners. You may wonder if you should sell it or take advantage of its newfound equity as your value home rises and will continue rising. However, it might not be as it sounds!
It’s a good idea to ask yourself, “How much is my house worth?”
The more you understand the factors that impact value positively and negatively, the easier it is to sell your home based on realistic expectations for listing and selling.
Here are a few of the most critical aspects to keep in mind:
Factors to Determine Home Value
Thanks to online tools and trained professionals, you can better prepare to buy, sell, refinance, and tap into your home’s equity. However, before going anywhere, you should know the factors behind the actual value of your home to buyers.
1- Your Home Size
It’s important to factor in the size of your home when determining its market value because a larger house can increase its value.
To get an idea of your home’s worth, Divide the sale price by the home’s square footage to calculate the price per square foot.
Important: You can determine the sale price by looking at other similar houses on sale.
For example, a 2,000-square-foot house can be sold for $100,000.
There will be a $200 price per square foot charge. However, the cost per square foot that buyers are willing to pay varies widely.
The price of $200 per square foot can be much more than you’d expect to pay, depending on where you’re buying.
The amount of usable space in a house is an essential consideration in determining its market value in addition to its square footage.
Usable square footage does not include the space in a garage, an attic, or a basement. And buyers appreciate only livable spaces. So, for example, the usable living space in a 3,000-square-foot house with a 600-square-foot garage is 2,400 square feet.
Buyers and appraisers place a high value on the amount of usable space in a home.
The more bedrooms and bathrooms in your home, the more valuable it is in the eyes of the general public. These patterns, on the other hand, are highly localized.
2- Your Home Location
It would help if you were honest when trying to define the value of your home in terms of location. For example, the top districts to live in Bahrain are well-known; however, people who can be interested in your deal might have another perspective.
If your house is situated in one of the recent residential communities in Bahrain, it means you are in a good situation. However, even if the location of your current home is ideal for you (close to work or your parents’ house), appraisers will assign a different value to your home based on its location.
They’re keeping an eye out for three key factors:
- local school systems’ ability to educate the next generation
- Job opportunities
- The proximity to shopping, entertainment, and recreational facilities.
3- The building Condition
Also, the building condition is a primary driver to raise your home value. People are not willing to live on the 5th floor without an elevator. Despite that, you can find another customer who wants to close the deal with you if you highlight another competitive advantage. The younger your home is, the more it would be worth; for example, less-than-5-years homes can be more attractive to customers.
Also, the buyer is searching for a home that will not cost him extra charges because newer plumbing, electrical, roof, and appliance components are less likely to break down.
For example, if a 20-year warranty covers a roof, the owner will save money further compared to an older home that may need a new roof in only a few years.
For many buyers, move-in-ready home is worth the price of admission. In addition, most buyers insist on an inspection contingency because they don’t want to be saddled with large repair bills after the sale.
4- Your Home Facility
Older homes, especially those with out-of-date features, can benefit significantly from renovations and upgrades.
While some home improvement projects are better than others, they are not alike.
An improvement or project’s effect on your home’s value varies according to the local market and other factors.
Our home improvement value calculator shows that a finished basement in Bahrain is 5 times more valuable than a finished basement in Kuwait, a roughly 13 percent increase in the median home value versus 2.5%.
More expensive homes benefit more from projects like installing a pool or hardwood floors than lower-priced homes. In contrast, lower-priced homes help more from projects like kitchen remodels or the addition of complete bathrooms.
There are a bunch of factors when you determine the value of your home. For example, if your home has a decent view over a pool or a green landscape, you have a big chance to ask for a higher price.
Important: Don’t overestimate or underestimate your home. Just have a look at the local market and offer a competitive deal to pitch a client as soon as possible.
Now, you can explore the market offerings with a well-researched valuation in hand; closing a sale becomes much less daunting. And your goal is to sell your home for the right price and at the right time for you.
Know the most popular real estate websites in Bahrain:
