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8 Surprising Things That Add Value To Your House
Dated: April 20 2016
1. Parks and Open Spaces
A desirable public park or other recreational open space boosts the property value of nearby homes by 8%-20%. One study looked at 16,400 home sales within 1,500 feet of 193 public parks in Portland, Ore., and found these boosts to home values:
Natural areas: $10,648
Golf courses: $8,849
Specialty parks: $5,657
Urban parks: $1,214
Reality check: A park that’s not maintained and overcrowded can drag down nearby home values.
2. Living Near a Walmart
Along with making it easier to run out for a gallon of milk at midnight, researchers at the University of Chicago concluded that living within a mile of a Walmart store could raise your home’s value by 1%-2%, and living within half a mile could boost your property value by an additional 1%. For an average-size home, that’s an uptick of $4,000-$7,000.
Realty check: What you gain in home value, you may end up spending at Walmart.
3. Solar Photovoltaic Systems
California homes with solar photo voltaic (PV) systems sell for a $17,000 premium over homes without solar systems, according to research from the U.S. Department of Energy’s Lawrence Berkeley National Laboratory.
Reality check: Although costs for residential solar power systems are falling, they’re still rather pricey at $15,000-$40,000, depending on the size of your house.
Being able to stroll to schools, parks, stores, and restaurants willraise your property valueanywhere from $4,000-$34,000, says a 2009 study from CEOs for Cities.
Reality check: The biggest boost inwalkabilityvalues occurred in large, dense cities.
5. Accessory Dwelling Units
Whether it’s a granny flat, an in-law apartment, or a carriage house, having a separate unit can increase your home’s value by 25%-34%, according to a study of 14 properties with accessory dwelling units in Portland, Ore. You can also get a steady stream of income from a second unit.
Reality check: Local governments often ban accessory dwelling units, so checkzoning laws, building codes, and homeowners’ association rules before you add a unit.
6. Professional Sports Arenas
A new pro sports stadium can raise property values in a 2.5-mile radius by an average of $2,214. The closer you are to the new facility, the larger the increase in home value. Researchers from the University of Illinois at Urbana-Champaign and the University of Alberta examined house sales in Columbus, Ohio, before and after the city added two sports stadiums.
Reality check: If a stadium is proposed, home values can decline a bit until the project is complete. And if you live really close to a stadium, you may encounter traffic and parking issues.
7. Community Gardens
Planting acommunity gardenraises the value of homes within a 1,000-foot radius by 9.4% within five years, according to research by the Office of the Comptroller of the Currency and New York University School of Law.
The impact increases over time, and high-quality community gardens have the greatest positive influence. Poor neighborhoods saw the biggest gains in home values.
Reality check: Gardens on privately owned land and in higher-income neighborhoods don’t have the same beneficial influence.
No real surprise here — whether trees are in your yard or just on your street,they’re a valuable asset you should be aware of. Here’s a gauge of how much trees are worth to your home value according to a University of Washington research survey:
Mature trees anywhere in your yard: 2%.
Mature trees on your street: 3%.
Trees in your front yard: 3%-5%.
Mature trees in high income neighborhoods: 10%-15%.
Reality check: Trees usually mean work — raking leaves, trimming branches, and keeping roots out of sewer lines.
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|Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.|
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Wendie Neely is licensed in both Kentucky and Ohio. Her background includes several years as a Real Estate Appraiser placing her in a unique position to help Buyers and Sellers understand property val....