SOUND OFF
A: While a home is only worth what someone will pay for it, there are four main things that go into valuating a property.
1) How large is the lot?
Typically, the most valuable part of any house is the land upon which it sits.
Over the past decade, Houston land values have appreciated faster than home values, and the best investments typically have been homes with large lots.
2) Where is your land located?
The old adage “Location, location, location” is as important as ever.
Proximity to the following typically help your home’s value: good schools, top-ranked neighborhoods, and quality grocery, retail and dining establishments.
Conversely, being close to the following can hurt your value: railroad, freeways, major thoroughfares, prisons or apartment complexes.
3) How large is your home?
When determining appraisals, houses are typically valued on a priceper-square-foot basis. All else being equal, larger homes are more valuable than smaller ones.
4) What shape is your home in?
This last component is the most subjective and difficult part of any valuation because beauty is in the eye of the beholder.
When you’re looking to sell, it’s typically best to make upgrades -- paint and replace carpet and appliances with as many “neutral” colors as possible to appeal to the widest buying audience.
All else being equal, homes sell for more when they have good floor plans, with rooms that are well laid out, newer and have quality finishes.