Attention Denver Sellers: What’s Your Denver Home Worth?
As a Denver homeowner it’s a good idea for you to keep track of your home’s potential value over the years that you live there in order to have a better idea of its resale value. There are a number of factors that can influence your home worth; it’s your job to know what they are and what you can do about them. Here are a few of those factors and how you can help increase your Denver home worth.
Location Matters
Does your Denver home sit near a highway, vacant lot, or in a community set for redevelopment of a large shopping mall? Proximity to each of these things can have a negative impact on your home worth and can cause it to stagnate on the market due to poor placement. Even if a home down the street is identical to yours in rooms, bathrooms and even layout, it can go for considerably more if it’s placed in a better spot on the street. When you sell the home you can actually swing the value in your favor if you play up the fact that it has great walkability for younger professionals, and quick access to highways for commuters.
Renovations are Outdated
Does the home have wall-to-wall shag carpet? Are the countertops and appliances something from yester-year? These can greatly impact your home worth, causing new buyers to turn up their nose in the process. This doesn’t mean you have to re-do the whole home; instead, consider adding fresh paint to the walls and updating a few things here and there to bring the home into present day. If your home is older it’s your job to help bring it into present day and help it appeal to younger buyers.
Renovations are Tailored to You
You should also take a look at the renovations that you have made in recent years: are they tailored to only you or could they fit a number of people? Keep in mind that most buyers will want to put their own touches on the home so if you have a very unique style your home may have to sit on the market for a little longer than most. Be sure that you aren’t charging a premium for your style when you could easily offer a better price that would suit more buyers.
History of the Home
Has the home ever been flooded? Was the street ever known for a high crime rate? Has there ever been a fire? If so, these could be part of public record for your home’s history. If the home has a lengthy history then many buyers will shy away from it to avoid inheriting it’s negativity.
Size is an Issue
Most Denver buyers will look at the square footage of a listing first and consider homes from there. If a property is too large, the market may not be strong enough to support it yet and you may be better off waiting a bit to put it on the market. More and more people are becoming more pragmatic about how much space they truly need. Consider how many bedrooms and bathrooms your home has to offer as well and compare to what is currently selling in the Denver market really well.
Nothing stands out
Figure out if your home has any “wow” factors to it? What sets it apart from the competition. If you can’t think of anything that would make it unique then chances are potential buyers might not either. Find what makes your home unique and help it to stand out in the listing to grab the attention of potential buyers.
You should keep track of your Denver home worth over the years that you own it. But it’s important for you to know what adds value and what takes value away. Look at these above factors and consider ways that you can improve upon them to help your home sell for the best possible price.