When buying or selling a home, there are a large number of factors that can affect your property value. While you might be aware of the standards like updated appliances and remodeled bathrooms, there are a few unusual factors that affect your home’s value that you might not be aware of. Here are some of our favorites:
1. Starbucks, Trader Joe’s and Whole Foods
Believe it or not, living next to some popular chain establishments can actually increase the sale value of your home. Starbucks, Trader Joe’s and Whole Foods are some of the more popular stores. Over a 17 year period, homes within walking distance to a Starbucks appreciated 96% compared to the national average of 65% during the same time period. In addition to Starbucks, popular grocery chains like Whole Foods and Trader Joe’s also have an impact on property value. Homes within a mile of either store were worth almost twice as much at the end of 2014 as the median home throughout the rest of the country at the same time.
2. Parking in urban areas
If you’ve ever worked or lived in a downtown area, you know how hard it can be to find parking, not to mention expensive. Having included parking at your home is a huge convenience and can certainly increase your property value, especially in more urban areas. In traffic heavy and crowded cities like San Francisco, included parking spaces can increase your home value by 10% or more.
3. Living on a hill
Hilltop homes can divert water from your property and prevent flooding. Flooding can result in costly repairs to water damage, not the mention the loss of irreplaceable personal items. Having a home that naturally combats this is a huge selling point. Having your property elevated on a hill can also provide some extra privacy, not to mention give you a great sledding slope in the winter.
4. Gay neighborhoods
Predominantly gay neighborhoods tend to have higher property value than the surrounding metro areas. For example, homes in the Castro neighborhood in San Francisco are 34% more expensive than those in the surrounding metro areas. This is the result in part of the fact that homes with a zip code in a gay neighborhood were already higher priced prior to the 2008 recession. Because of this, they took less of a hit during that time period helping them come out better in the end.
Mature trees in the yard are great property value bonuses. The main reason for this is that trees don’t grow overnight, so this isn’t a quick renovation new home owners can make if that want to have some developed trees on the property. If you want to invest in the long term value of your home, consider planting some trees.
6. Green energy
Green energy tools will not only appeal to homebuyers with an interest in eco-conscious practices, it will also save you and potential future owners money in the long-run. For example, you can save up to 80% on your water heating bills and receive up to $21,000 back in green tax credits by using a solar water heater. Installing green appliances is an investment in the future of your home, and the environment.
7. Front door
Did you know that most buyers will veto a house within 7 seconds of entering the home? Having an appealing entrance to your home can increase the curb appeal and make for a better first impression. Making sure you have features like a functional doorbell, an aesthetically door setting, and an awning to cover you from rain are all elements to consider when deciding how you can spruce up your front entrance.
Did you know living on a “street” versus a “boulevard” or a “place” can tell you more about the cost of the home? Typically homes that are listed as a “street” are valued at 36% less than homes listed with an address on a “boulevard”. The more you know, right?
9. Your neighbors
If you’ve never had, ahem, unique neighbors then you’re one of the lucky ones. For those of us who have, you know that this could seriously affect your decision to live somewhere. Having neighbors with crazy lawn decorations or hoarder-esque garages could turn off prospective buyers and potentially decrease your home’s value.