The real estate market is often going through changes. The prices of homes keep changing at unpredictable times.
Naturally, when people sell their home, they hope to get more money than they spent acquiring it. Several factors affect the selling price of a home. Architectural elements are some of the major ones. Architectural elements refer to the design and construction features of a home. Below are some architectural factors that may affect the selling price of your house;
Size and usable space
Size is one of the primary factors affecting the home’s selling price. One of the first things that practitioners in the property or real estate industry do when estimating a house’s market value is getting the size. Naturally, the larger your house, the greater the value or selling price. The value of a home is usually estimated at price per square foot. Therefore, you will find that a 4000 square foot house will sell for roughly 20000 dollars. Note that the price may differ from one location to the next.
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It is also worth mentioning that in addition to the house’s overall size, the house’s amount of usable space also affects a home’s selling price. The amount of usable space in a house is usually determined in the general architecture of the home. Note that attics, garages, and unfinished spaces are not usually taken into account when calculating the selling price. The most important thing for buyers and appraisers is the livable space, like bathrooms and bedrooms. For this reason, houses with more beds and baths usually go for higher prices than their counterparts.
Upgrades and updates
Upgrades and updates are also architectural elements that affect the selling price of a house or property. They are essential in older homes with outdated features. The property industry has transformed a lot over the years. From the types of appliances used to the overall structure and layouts, many things have changed. For this reason, any updates or upgrades done to a house from the time it was purchased will affect the price.
Note that the impact of a project or upgrade on home value differs from one market to the next. For instance, a house with a finished basement in Portland may go for five times more than its original value, while home in Atlanta with the same upgrade may only fetch twice the initial price. Some enhancements that can increase the cost of your house include;
- Kitchen remodels- installing new kitchen appliances and switching old finishings and layouts for new ones will affect your home’s selling cost. Making upgrades like changing the countertops for luxury materials like marble and quartz could make your house more expensive.
- Flooring remodeling- the floors are a significant part of a home. They affect the overall appearance of your house. For instance, getting new floors can make the house look newer. However, the impact that the remodeling will have on your house’s cost depends on the type of flooring material you choose. The best thing would be to get different kinds of flooring for various rooms in the house.
- Updating old appliances- you can also increase the selling price of your home by updating appliances. You can do away with old devices like security systems for updated types. This means that the people who purchase the home will not have to make a lot of changes. Therefore, making these changes will help influence your house’s selling price.
Special architectural features
Adding special architectural features like a pool or wooden floors can significantly increase your home’s selling price significantly. These features make your home appear more expensive than it was. Note that adding these features is not similar to updating your house since these elements did not exist in the house before. You can also choose to go overboard and decide to transform your home into a smart house. Doing this will cost you a lot of money. However, it will also increase the selling price of the property significantly.
Other than the architectural features mentioned above, other elements like the market’s location and state can affect the cost of a house. It is also worth noting that selling a home can be very hectic. For this reason, companies like We Buy Any Home would come in handy if you are looking to sell your house fast and fetch good money from it.