THE VALUE OF HOUSING CHARACTERISTICS
What is the Value of your House?
Need some help determining the real market value of your home?
Let Homestead Realty help!
At Homestead Realty, we know how important it is to know the true value of your home and property before we begin the marketing process. We would like to recommend
using the following house values guidelines when considering the value of your home:
- Any location on water, or having a water view
- Contemporary and Dutch style houses command the highest prices
- Internal features that add the most value to your home are a family room, a dining room, a whirlpool, and a home security system
- Floors that are wood, tile, or a combination of the two
- A slate or wood shake roof
- On average, two-story houses sell for more than one-story houses
- Kitchen features such as: a built-in refrigerator, kitchen island, and a double oven
- A patio, a sprinkler system, a paddock, and a tennis court
- Bathrooms can have a dramatic effect on the selling price of your home with
each full bathroom adding about 24%;
- A garage adds about 13 %
- Central air conditioning adds about 12%
- Fireplaces have a very strong, positive effect on the selling price of your home with each fireplace adding about 12%
- Houses with flat roofs sell for about 10% less than those with pitched roofs
- A basement increases value by 9%
- Houses with stucco and wood exteriors sell for about 9%
- Being in close proximity to golf adds about 8% to the selling price
- An in-ground swimming pool adds about 8% to the value of your property while an above ground pool adds no value at all
- A sitting area in the master bedroom 8%
- Nine foot ceilings add about 6%
- Each additional bedroom adds about 4%
- Each additional 1,000 sq. ft. of living space increases selling price by about 3.3%
- A useable attic adds about 2%
- There are no significant price differences for houses on flat lots versus sloping lots
- The negative effects of age are most pronounced for houses 21-30 years old
- A laundry in the basement decreases value by 2%
- Houses with vinyl and aluminum exteriors sell for about 4% less than brick
- Houses with FHA or VA financing sell for less, on average, than houses
that have conventional financing
- Houses advertised as fixer-uppers sell, on average, for 24% less than other houses
December 2003
By G. Stacy Sirmans, PhD, Kenneth G. Bacheller, Professor of Real Estate, Department ofInsurance, Real Estate and Business Law College of Business Florida State University and David A. Macpherson, PhD,Abba Lerner Professor of Economics,Department of Economics Florida State University
Funding for this research was provided by the
NATIONAL ASSOCIATION OF REALTORS®.
Got a question about the value of your home or property? Send us an email or just give us a call!
We'd love to help!
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