When it comes to real estate, everyone’s looking for a simple way to gauge a home’s value. One common metric often mentioned is the price per square foot of a home. While this approach seems straightforward, it can be highly misleading. Here’s Jillian Hogan’s take on what you should actually be looking at to determine a home’s value:

1. Location, Location, Location!
Real estate values are deeply influenced by location. Even with the same price per square foot, homes in highly sought-after neighborhoods can be dramatically different from an area just a street away. Proximity to amenities, schools, public transportation, and community attractions all have a significant impact on a property’s value, which price per square foot fails to take into account.

2. Upgrades and Renovations
Not all square feet are created equal. A home with recent upgrades and high-end renovations will command a higher price than one with outdated finishes, even if they are the same size. Features like new kitchen appliances, modern bathrooms, and energy-efficient windows can add significant value and distinguish one home from its comparables.

3. Quality of Finishes
The quality of materials and craftsmanship used in a home can vary greatly and dramatically affect value. Hardwood floors versus laminate, granite countertops versus laminate, or custom cabinetry versus mass-produced options are distinctions that matter. 

4. Condition of the Home
A newly constructed or well-maintained home will obviously be more valuable than an older home in need of significant repairs. Issues like foundation stability, roofing, plumbing, and electrical systems should weigh heavily on property valuation.

5. Design and Layout
The functionality and appeal of a home’s design can significantly impact its market value. An efficiently designed home with a desirable layout can make better use of its space, providing a more comfortable living experience and increasing its appeal to buyers. Unique architectural features can also add value that is not reflected by price per square foot.

The Importance of a Professional Evaluation:
Given these factors, it’s clear that determining a home’s value goes far beyond just calculating price per square foot. A licensed real estate professional can provide a comprehensive market analysis, taking all these variables into account to give you a more accurate property valuation.

For those navigating the complex world of real estate, having a knowledgeable advisor by your side can make all the difference. It’s important to consider the bigger picture rather than relying solely on simplistic metrics. That’s why Jillian Hogan Homes, local real estate experts, are ready to help you find the best home with the best value. 

Til’ Next Time,

Jillian