Property values are ever-changing, and it’s important to understand how they arrive at that number as a homeowner, so you can ensure you’re doing things to keep your value going up! Some of the features that increase property values are obvious–a remodeled bathroom, a modern kitchen, or a sought-after neighborhood. But here are a few features and circumstances you might not have realized can affect property values:
Not every neighborhood or community has an HOA that can keep the neighbors from going overboard with decorations or neglecting to care for their home. Homes adjacent to crazy neighbors can potentially be undervalued. This is called external obsolescence, and can affect property values by up to 10%. While you can’t control your neighbors, if your Realtor suggests a lower price than you thought your home was worth, this can be the culprit.
Trendy Groceries and Coffee
Recent statistics suggest that if your home is a short walk from popular grocery stores like Whole Foods or coffee chains like Starbucks, it can actually appreciate faster than the national average. Trendy stores tend to be the marker of a neighborhood on the rise. Even South Park recently had an episode about it! In fact, “Walk Score” is a huge driver for potential buyers. You can check the Walk Score of your home here.
A big beautiful tree in the front yard is enviable, and it’s not something that can be easily added to any home. Homes with mature trees tend to get a little boost in value. After all, who doesn’t love hanging out in the shade of a big oak on a hot summer day? If you don’t have any mature trees already, planting some young trees may help a little bit, and will boost your value the bigger and older they get.
This isn’t too much of an issue if you live in the suburbs or in a rural area, but residents in dense cities can have real problems with parking, and homeowners might need to rent a spot just to guarantee a place to park each night. That’s why having guaranteed parking in urban areas will raise property values. In some areas, a condo with deeded parking could be worth up to $45,000 more than one without. That’s no chump change!
The Front Entrance
First impressions matter to buyers. That’s why curb appeal is such a big part of real estate. Many times, it doesn’t matter if the interior of your home is the most gorgeous on the block. If the front yard looks like it needs a ton of work, people will think the inside matches. Keeping the lawn mowed, trees and shrubs trimmed back, and giving your front door a fresh coat of paint can do wonders for your home’s value.
What are some ways you’ve improved your home’s value? Let us know in the comments!