owning a home is a massive financial commitment and one of the largest you will ever make. that’s why it comes as no surprise that many people want to know how the value of their home will change over time. will it increase or decrease in value?

unfortunately, the answer is not as simple as saying “yes or no”. there are many different factors that come into play in determining how a house’s value will change in time.

the price of property in australia has been increasing at a steady (and sometimes sharp) rate over time. the buildings themselves are not usually what is appreciating, however. instead, the property or land the buildings are on is what is going up in value. that’s because land is finite, and no new land can be created. considering this, you should know that if you have some land to go with your house, it will all become more valuable over time, in most cases.

now this trend might indicate to you that there will be no increase in value to be had from owning apartments. that’s actually not true, but if you own some land you can have more peace about the value of your building over time.

the rules of supply and demand factor into the value of your home as well. if lots of people want to buy land in your area, but there are not a lot of properties for sale to go around, then the value or the price of the land could easily increase.

now the value of the home itself can be a bit more complex to consider.

Appearance and building quality.

the way your home looks and its overall quality will play major roles in how its value is sustained over time. if your home is built well and kept up, then it will be worth more than something that is shoddily designed and is not maintained. when you decide to renovate or build a new home, then you may consider the value of certain assets. kitchen and bathroom areas tend to go out of date the fastest, so you may want to focus on them and ensuring that they are modern.

if you hire a contractor for your property, then you want to make sure that the contractor knows what your objectives are and will be able to create substantial value where he is working.

you also want to make sure you are hiring the right contractor. the work he does can have a direct effect on your home’s value over time. here are a few factors to consider when hiring a contractor:

qualifications any contractor you hire needs to not only have certification and good references, but he also needs to have experience in the kind of work you are asking for. he should also be willing to work with you and create the effect you are looking for without compromise.

cost any contractor you are considering should be able to give you a detailed estimate for the work they are going to do. they should also provide consistent pricing on all their services.

communication you want to be sure that you are able to trust whoever you hire to work on your property. if you can’t, and you will have trouble keeping a good working relationship up with them, then you need to look elsewhere.

adherence to contracts you should have a contract drawn up with your contractor at the time they are hired. then make sure that at every point in the process they are keeping to the contract and doing what they promised you they would do.

making certain that you hire reliable contractors will ensure that you are getting your money’s worth and that your home increases in value.

if you hope to resell your home later, then you want to ensure that it is maintained and that you can get the best possible price for it. in order to do that, you should maintain your home’s exterior with regular painting and varnishing. this preserves the wood and the value of your home. it can also create an incredible first impression.

also try to keep your gutters clean. make sure all dirt, debris and leaves are kept out of the gutters. this protects not only your gutters but also your roof.

you should also watch for roots that poke out of the ground. these can create tripping hazards that can cause liability problems for you.

your roof should be repaired as soon as you notice anything wrong with it. most roofs will last at least 15 years, while some can last up to 50. but yours will only last so long if you take good care of it.

be sure to clean your carpets regularly. this will prevent a lot of potential water damage. interior painting is also important if you want to keep your home looking spotless

for properties that are at least a few years old, plumbing could become an issue. ensure that you check yours every few months for leaks.

termites could become a problem in a wooden house. make certain that you seal up any cracks or holes you find, particularly on the outside of the house.

if you want to make sure that you aren’t wasting your money with home renovations, then bring in an expert to give you a professional assessment.

How the outside of your home can affect value.

your land, the demand for property around your area and your home’s interior are not the only factors that determine your home’s value. you also have to think about external factors that may not be entirely within your control.

you should consider how the local area affects your property’s value. if there are good schools, playgrounds, local attractions and other things that can bring in potential buyers, then they can raise the value of your home significantly.

when you are looking for a home, be sure to consider not only how affordable it is but also the many factors that go into maintaining and increasing its value.