Factors That Do Not Determine Home Value in Washington DC

Simply put, the current market value of your home is determined by the selling prices of similar homes in your area.

Factors that do not affect the value of you home include:

– The price you paid for the house originally — The majority of houses sell for the market value, which is constantly changing and may not support your original purchase price at the time you choose to sell.

– Your desire to recoup the cost of home improvements — Make improvements for your own enjoyment, not with the hope of passing their full cost along to future buyers.

– Your desire to recoup the cost of maintenance-related repairs — The purpose of maintenance is to preserve a home’s value, not to create value. The cost of maintenance cannot be added to the market price of your home.

– Your need of Money — The current value of your home is dictated by the market, not by your need to make a profit.

– How much it would cost to build your home today — The bottom line is, you cannot sell your home for more than buyers are willing to pay.

– How attached you are to your home — Any attachment you feel will not be shared by the buyer. Sentimental value does not correlate with a higher selling price.

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