Many people are unsure exactly how a house’s value is calculated and are surprised when they learn the value of their own or the price of a house they are considering purchasing. Although the square footage or a home and the quality of the home are important factors, many other factors may be more influential.
Location is likely the biggest factor that contributes to the value of a home. Houses that are in areas with low crime, good schools, close to medical facilities and shopping are generally worth more because they are highly desired. Location in general in the country also determines price – houses in the rural south generally cost less than a comparable home in a major northeastern city. This is because the price of everything is generally lower in those areas, not just the price of houses. The median home value of a home in Tampa though is $221,500. Tampa homes have gone up in value over nine-percent in the last year.
Acreage is another important value factor in many areas. The more land a house has, the more it is generally worth. Owning lots of land can stop houses from being built right next to you, allows for outdoor expeditions, and provide the privacy and quality that many people desire.
Special amenities like finished basements and large wrap-around porches, as well as hardwood flooring and extra bedrooms may increase the value of a home. People generally desire more space that is already liveable.
The presence of a garage, how large it is, and whether attached or detached in relation to the home can increase the value of a home. Does the home have a brand new roof or energy efficient windows? This will also increase value.
The history of the home may also come into play. If it’s a very old home it may be on a list of historical places and that increases value. General condition of the home – such as updated kitchens, new paint, remodeled bathrooms, and no history of fire or flood damage can also affect the price of a home.
In general, houses that are well-cared for, have no pest problems, have upgraded features and desirable locations are going to cost more – this is because people don’t have to do much work when they move in. Conversely, those that need a lot of work or updates may be priced lower, but can be a great value for someone who has experience with carpentry and home improvement. If you are unsure about the history of a home (what it last sold for, how long it has existed) most counties in every state are required to keep this information and you can get that information from the local courthouse.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!