Holliston June 2016
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Page 30 Local Town Pages www.hollistontownnews.com <strong>June</strong> <strong>2016</strong><br />
What Affects Your Home’s Value Most?<br />
By John Szolomayer,<br />
Realtor<br />
Sellers are looking to get the<br />
maximum amount for their<br />
home, and some have an inflated<br />
idea of what to expect<br />
when finding the value of their<br />
home. Do home renovations<br />
truly give you a big return on<br />
the investment? Take a look at<br />
these important factors that impact<br />
your home’s value.<br />
• Location is Everything –<br />
You know what they say,<br />
you’ve heard it before –<br />
“location, location, location!”<br />
Location includes<br />
factors such as the price of<br />
nearby homes, the quality<br />
of the school district and<br />
the sense of community.<br />
Many people seek out<br />
communities with walk<br />
able amenities. For millennials,<br />
it is important for<br />
them to be in the center<br />
of the action and within<br />
walking distance of the<br />
places they need to get to.<br />
• Layout and Size – Homebuyers<br />
used to compete<br />
for homes with ample<br />
square footage, but many<br />
have fallen out of love<br />
with large homes. With<br />
large homes come more<br />
housework and more<br />
maintenance to keep up<br />
the home’s grand appearance.<br />
Layout is a big factor<br />
because even if you don’t<br />
have a 3,500 square-foot<br />
home, an open concept<br />
can make your 2,000<br />
square-foot home look just<br />
as spacious. The number<br />
of bedrooms is also a big<br />
influence on a home’s<br />
value, so think hard before<br />
you put up a wall to<br />
separate one room into<br />
two. Fewer but larger bedrooms<br />
increase the value<br />
of homes.<br />
• Age and Condition –<br />
Older, historic homes and<br />
new, modern homes are<br />
traditionally more valuable<br />
than homes built in<br />
the middle of that timeline.<br />
As homes get older,<br />
they generally lose value,<br />
but there is also that point<br />
where homes become so<br />
aged that they have historical<br />
value. Along with the<br />
age of the home, the condition<br />
of the home also<br />
matters. Buyers are more<br />
willing to pay $20,000<br />
more for a home that is in<br />
excellent condition than<br />
they are for a house that<br />
needs $5,000 worth of<br />
work.<br />
• Putting in the Right<br />
Upgrades – Renovations<br />
can positively affect your<br />
home’s value – especially<br />
in areas like the kitchen<br />
and bathrooms. Although,<br />
if your home is over-thetop<br />
improved compared<br />
with other homes in the<br />
neighborhood, it can actually<br />
hurt your property’s<br />
value. Unless you live in<br />
an upscale neighborhood<br />
where built-in wine cellars<br />
and chef ’s kitchens<br />
are considered normal,<br />
you may want to save the<br />
money on expensive finishes<br />
and go for the more<br />
basic options. You should<br />
also be sure to keep a record<br />
of the repairs and<br />
upgrades to show potential<br />
buyers that the home<br />
has been well-maintained<br />
and taken care of.<br />
Information provided by John<br />
Szolomayer, Realtor from Hallmark<br />
Sotheby’s International Realty in<br />
Hopkinton. Each office is independently<br />
owned and operated. John can<br />
be reached for more information at<br />
(508) 259-4788 or at johnszolomayer.com.<br />
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