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How residential real estate is valued

On Behalf of | Nov 25, 2015 | Residential Real Estate

For many people in Delaware, purchasing a home will be the biggest long-term investment that they’ll make in their lifetime. When deciding where to buy a home, it’s important to consider whether the home’s value will grow. Similarly sized homes can have vastly different prices depending on where they are located.

The size of a home, the quality of the construction and the beauty of the interior design can all have an influence on the home’s value. However, no single factor is more important than location when considering value in the real estate market. According to the Coldwell Banker Home Listing Report, four-bedroom, two-bathroom residences in the priciest community in California cost about $2.2 million more than similar homes in the most affordable community in Ohio.

Homes are highly valued in certain locations due to local industries, revitalization efforts and the availability of resources such as good schools. Regional factors like weather, natural beauty, beaches and mountains can also influence the value of homes in an area. In Silicon Valley, one of the country’s most expensive real estate markets, growth in the tech industry has caused home prices to soar.

Some homeowners may be surprised to find out that their residential real estate is affected by zoning laws that make it impossible for them to build outbuildings. Before purchasing a home, a buyer may want to go over the details of the property and the property title with a lawyer. An attorney might be able to determine if there are any zoning issues or disputes over a title that could cause conflict later on.