There are many well-known factors that can affect a home's property value, such as location, historical sale prices, and neighborhood. However, the list doesn't quite end there. Surprisingly, there are plenty of outside-the-box details which can add value to your property. We have gathered 7 surprising factors that can increase home value. Having knowledge of market pricing can put you in an advantageous position if you decide to sell your home in the future.
1. Nearby Amenities
Most people want the world at their fingertips. And of course homes centrally located near shopping, dining, and entertainment facilities- including museums, art galleries, and cultural centers- are enjoying a boost in their property value. Easy walkability to these venues provides buyers with a sense of an urban lifestyle rich in culture and can also be a factor in increasing property price.
2. Green Spaces
Green spaces provide benefits to public health and improve drinking water quality. And this is a well-known plus. Moreover, green spaces have monetary benefits as well. Open space in a community can benefit everyone, including residents that never use it and non-landowners in rental properties rear or far from the open space. A home located near a recreational space or a park- such as a golf course, natural area, or a specialty park, can reap the benefits in property value. Such green spaces are much appreciated by homeowners who want to enjoy active lifestyles. Just note that greater property values mean higher taxable values of land and a larger tax base for the municipality.
3. Mature Trees
Unfortunately, it's common practice for developers to cut down most of the trees on a property when building a home. Tall, majestic, and mature trees almost always enhance property values. People like the look of trees and savvy home buyers know that shade helps insulate the home, keeping it cool in the summer and warm in the winter. If you don't have any trees in your property but you have the space, make a trip to your local nursery to discuss the best tree options for your home.
4. Your Neighbors
Neighbors that are less than desirable are a nuisance, but when it comes to your home, they can also affect its value. Messy, noisy, or sketchy neighbors can pull down your home's value. Unfortunately, there's not much you can do about the guy next door, but this is something to keep in mind when shopping for a new property or selling your place.
5. The Name of the Street
Sounds strange, but people typically prefer the street they live on to have a name, rather than a number. Moreover, according to Trulia, "Boulevard" is the most expensive address suffix by price per square foot, while "Street" is the cheapest. Another study shows us that the most popular street name is "Main" followed surprisingly not by "First Street" but by "Second Street" instead. Next on the list logically are "Third Street," "Fourth Street," and "Fifth Street." Right after them is "Park Street" in 7th place. Other popular names within the top 20 are- Oak, Maple, Pine, Cedar, Elm, Washington, Walnut, Lake, and Sunset.
6. Your House Number
If you are not lucky enough to live on a named street, note that the numbers are also one of the surprising factors that can increase home value. For example, if your house number ends in 8, that could be a good omen, since this number is considered lucky in Asian culture. On the other hand, if you have a 13, you may find that you get a slightly lower value because of the superstitions around that "unlucky" number.
7. Outdoor Kitchen
Outdoor living spaces are on the checklist for most new luxury home buyers and surprisingly or not, they can affect your home value. The opportunity to cook outdoors without running in and out of the home to retrieve utensils and food is a luxury any grill master can appreciate. Build your outdoor cook space with a BBQ grill, refrigerator, and mini bar and you'll have a culinary home improvement masterpiece that besides being super useful, will increase your home value!