Random Thoughts on Home Value

Location, location, location - alright already, we get it! Location has everything to do with the value of your home. A beach-front shack is worth more than a mansion in the desert, that's just common sense. But, not everyone wants beach-front property. To those monsoon-fearing individuals, beach-front property is worthless. When it comes down to it, location, location, location is subjective. In fact, all aspects of real estate value are subjective.

OK, let's take a look at the home appraisal basics. After taking mortgage rates and supply and demand into account, the value of a home is based on the city and the area within the city the home is located, the square footage, the number of rooms and facilities in the home, added home features (i.e. swimming pool, remodeled kitchen, etc.) , and the going rate of similar homes in the neighborhood. But what's important to remember is that not everyone wants their home to be the same square footage or in the same city. If we all wanted the exact same home with the exact same square footage and a picket fence in the front and a pool in the back, home value would solely be based on mortgage rates, supply & demand, and location, location, location.

But, we are all different. Some would rather live in a shack on a hill while others would prefer a mansion in the desert. Personal value will always reign supreme and help keep location, location, location on a leash.

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