As a savvy follower of the housing market, you already know that location, size, layout, age, condition, and the number of bedrooms and baths affect a home’s market or rental value. But there are many more things that can affect a property's value. Here are some of the more surprising items.
House Number and Street Name
It’s probably fairly obvious why “13” is not a number that adds value to your home. But superstitious buyers and those into numerology have many ways of determining the favorability of a number. If your address is 319 Brown Street, they can add 3 + 1 + 9 together to get 13. Adding 1 + 3 produces 4, which is excellent for investments and security – a boon to your home value.
As for the street designation, most people prefer a name to a number, in general. Trulia states that the least expensive road type is “Street” while the most expensive is “Boulevard.”
Unusual one-of-a-kind homes are great when you’re surrounded by acres of land and can’t see the next house. But when you’re closer to your neighbors, your property can affect theirs and vice-versa. In a subdivision where houses are packed together or in a condo complex, the people next door affects your abode’s value.
Quiet, respectful, and clean neighbors with beautifully maintained fronts that are highlighted by blooming flowers bring the property values up for all those around them. Conversely, noisy homeowners with weedy yards and a rusting hulk of a car in their driveway will pull your home value down.
Being close to the conveniences of retailers is appreciated by most homeowners. But the type of retailer can also affect value. Values go up when a home is near Starbucks, Whole Foods, and Trader Joe’s. People like their morning coffee and a nearby place to pick up organically grown edibles as well as exotic foods.
Some states, like California, require you to disclose if a death has occurred in the house. Most buyers would probably not give a second thought if that death was from natural causes to a longtime resident of the home. But murder, suicide, or even a drug overdose can spell problems during sales. Even the possibility of a haunting or paranormal activity is not one that buyers or renters take lightly.
Well-kept foliage always looks good from the curb whether you’re an environmentalist or not. But mature trees are also valued for their shade and play potential. Everybody knows that it takes time and resources for trees to go so big, so a majestic oak also symbolizes stability and prosperity.
Crown moldings add a touch of tradition to any room and can instantly and inexpensively add value to modern residences. While they work best on high ceilings, smaller moldings also look good on lower ceilings, especially when painted in an attention-getting color that contrasts with the underlying wall. Avoid fancy detail and stick with something simple.
Do you want to know more about what can affect the value of your home whether you’re selling it or renting it out? Contact us today at Aria Properties! Don't forget to subscribe to our blog for more helpful tips.