8 Surprising Factors That Can Affect Your Home’s Value
Besides the obvious factors, there are some quirky elements that can affect your home’s value. Find out what they are.
Surprise! You might know more about real estate than you think. For example, you know that square footage, number of bedrooms and bathrooms, lot size, and location determine home value: A 4,000-square-foot, five-bed, five-bath beachfront in Bradley Beach, NJ, will almost always be worth more than a 2,000-square-foot, two-bed, two-bath home on a quarter-acre lot 20 miles inland.
But those obvious factors aren’t everything you need to calculate your home’s property value estimate. Other, less obvious features can negatively or positively come into play — features you might not have considered.
Here are eight frequently overlooked (and not always fixable) things that, for better or for worse, can impact the value of your home:
1. The Name of Your Street (really!)
People typically prefer the street they live on to have a name versus a number. It’s true nationwide (with the exceptions of New York, NY, and Atlanta, GA, where there is no difference, and Denver, CO, where numbers are favored). According to a study by Trulia, “street” is the least expensive address suffix by price per square foot, and “boulevard” is the most expensive.
2. Your House Number
Ever heard of house numerology? This is the practice of assigning a single-digit number to your home based on its address. Let’s say your address is 1219 Main Street. Add 1 + 2 + 1 + 9 to get 13. Then add 1 + 3. Your house would be 4: good for investments and security but bad for adventure and excitement. While this type of house numerology may be passed off as a superstition, buyers who subscribe to this theory may overlook potential homes because of their numerology calculations. However, whether or not you’re into numerology, house numbers do matter. If your address is 13 (a universally unlucky number), you might choose to price your home slightly less than your neighbor at number 12 did.
3. Sketchy neighbors
The closer you live to your neighbor, the more important it will be for your tastes, habits, and personalities to jive with theirs. In a condo, the last thing a potential buyer wants is to purchase a unit where the neighbors above are noisy or inconsiderate. Owners of single-family homes can thank fastidious neighbors with good taste to increase the values of all nearby homes. But, of course, the opposite is also true: as is the case with a homeowner who had great difficulty selling their home because their next-door neighbor constructed a giant memorial dedicated to Michael Jackson on the front lawn.
4. Mature trees
Tree-huggers and environmentalists unite! It’s common practice for developers to cut down most of (or all!) the trees on a property to build homes. But mature trees almost always enhance property values. Still don’t believe it? Check out the National Tree Benefit Calculator to see the full benefits of planting specific types of trees. If you have the space, make a trip to your local nursery to discuss the best tree options for your home.
5. Crown Molding
If you’ve worked hard to select just the right neutral and serene paint color scheme that will probably attract the most buyers, you’re doing yourself a disservice if you neglect one important element: crown molding. “People love crown moldings,” says Patrick Parker, broker and owner of record of Patrick Parker Realty. “Of course, everyone loves high ceilings too,” he says. Although you can’t do anything about how high your ceilings are, you can put in crown moldings — even with lower ceilings. Just make sure they work with the scale of the room, and don’t veer too far into the trend zone.
6. Yankees Memorabilia
Yankee fans, relax. We’re not picking on just you. Although this anecdote from New Jersey happens to be about the New York baseball team, you could insert any team here. We’ve seen a home wall papered in Yankee memorabilia, even a family room adjourned with baseball themed carpeting. The verdict? Many people were turned off, especially Red Sox fans. If you don’t want to alienate a potential buyer, you might want to stash the fan gear away while your home is on the market.
And Trader Joe’s and Whole Foods. If you have any of those establishments close by, typically within a mile, up goes your property’s value. “Homes near Trader Joe’s have increased in value by an average of 40% since purchased,” says Chris Leavitt former star of the TV series Million Dollar Listing. “Nearby Starbucks and Whole Foods Markets also enjoyed double-digit gains on home value.”
8. A Death on the Property
In some states sellers must disclose whether there was a death on the property, which can be a deal breaker for some buyers. On average, once buyers find out there has been a death on the property, two out of five lose interest.
RELATED: Seller Disclosure in New Jersey
There’s even a name for a home someone died in: stigmatized. It refers to a home that has been the site of a murder, suicide, or paranormal activity or haunting. But even if your state doesn’t have a death disclosure requirement, certainly if someone asks, you should fess up. It’s the right thing to do.
Have you discovered an unusual factor while calculating your home’s property value? Share it with us on the Patrick Parker Realty Facebook Page, Twitter feed or LinkedIn profile. And don’t forget to subscribe to the monthly Patrick Parker Realty email newsletter for articles like this one delivered straight to your inbox.