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Jamaica Home Values
7 Key Factors That Affects The Value Of A House

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Jamaica Home Values
What are the factors affecting the value of a home?

Let's start with the question, a real question, that came in from a buyer who completed all her requirements but was denied (or at the least, delayed) getting a home loan.

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“I applied for a home loan at a lending institution and followed all the requirements as requested: I did a valuation and a surveyor’s report of the property which turned out acceptable.

Few weeks passed and I have not been hearing anything from the banker which prompted a followup call. I was told by my banker that on the valuation report, it mentioned that all the interior walls of the house are dirty, also that the kitchen cupboards are weathered, and those will need to be remedied before the loan can be approved because it is a risk factor.

She further sent me the page with the section highlighted. I spoke with my attorney about it and her response was that “That’s ridiculous, I have never heard of that.”

I am still not hearing anything from either party. What do you suggest I do?”

I can understand the response of the attorney because I myself have never heard that because the walls are dirty, your loan cannot be approved.

I can understand that the valuator has to ensure his report covers whatever findings; though I am unsure of the weathered kitchen because this would mean that the cupboard is exposed to the elements. Therefore, your banker should realize, was an error. 

On the issue of the dirty walls, you need to have her explain to you what the risk factors are that are associated with the dirty wall.

Painting the exterior of the property gives it a curb appeal for the buyer and may add value to the property.

On the other hand though, painting the interior was never considered as adding value to a property. After all, most buyers can’t wait to come in and change the paint job to suit their own taste.

There are a few factors which affect the value of the home. I'll list a few of them for you now.

7 Factors Affecting the Home Value

  1. The location of the home and different neighborhoods will increase the value of your home.

    Where your home is positioned in the neighborhood will also hold some weight. 

  2. Structural Construction, Materials and Updates: Part of arriving at a value is the construction materials used to build the home and its condition at the valuation.

    A house built more recently with modern materials, or updated to use modern materials, will hold a higher value than a home that hasn’t been updated since it was originally built decades ago.

    Newly updated kitchens and bathrooms hold a lot of value in today’s market, so a valuator will take these renovations into consideration When determining the value of the home.

  3. The age of the home will also be a factor to the value. 

  4. The overall design of the home

  5. The curb appeal and general landscaping of the home also impact the home value. If your home lacks curb appeal it could lower the value of the home.

    On the other hand, if your yard is filled with hard-to-care for plants and a hazardous dead tree, this could also negatively affect the home value. 

  6. The number of bathrooms served for the number of bedrooms will  also increase or decrease the home value.

    If you have 3 full bedrooms and only 1 bathroom, for example, the home value will be lower than a home with 3 full bedrooms and 2 bathrooms, and finally...

  7. Comparable sales is also one of the most important factors affecting value.

    The valuator will take a close look at recently sold, nearby homes with similar bedrooms, bathrooms, updates and  square footage to this home. 

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Note Also!

Lending institutions usually consider the following risks when lending for a residential mortgage: Liquidity risk; where they may not be able to sell the mortgage loan, preventing mortgage fraud which is the control to ensuring accurate and complete application information.

The borrower’s credit history, the size of their down payment, the type of home they are buying, the amount of money they want to borrow and the age of the borrower.

I suggest you speak back to the banker for her to explain clearly her findings, then you may comply with them, or simply change your lending institution. 

See Also: How Much To Build A House In Jamaica?

Paula Jackson is a Licensed Real Estate Broker Realtor® with over 14 years in the Industry. She dedicates herself to the full service of Real Estate Business with the aim of creating a long term relationships by conducting business with the highest level of professional ethics.

This article is for general information purposes only and does not constitute legal advice. Email feedback to, and for all the latest listings visit our website at

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