Source: PEMCO Realty
Beyond size and schools
We know how the obvious parameters such as school quality, crime rate, lot size, square footage and neighborhood upkeep can affect property values. Did you know that the name of your street might influence your home’s value, good or bad? Here are some less obvious elements that can affect home values.
- Your house number can matter
Dismissing what many consider superstition won’t keep a buyer or two from overlooking your home if the house number doesn’t add up to good numerology. For example, if your address is 1129 Johnson Avenue, adding 1+1+2+9 comes up to 13 and adding 1+3 makes your house a 4. In numerology, this is good for investments and security but not so good for excitement and adventure. Whether a homebuyer is into numerology or not, he or she may balk if your address is 13 Payton Place because of 13 being a universally considered an unlucky number. You may choose to price competitively, especially if the neighboring 11 Payton Place is for sale.
- The name of your street can be a big deal
People typically prefer living on streets that have names versus street numbers, and this is a nationwide preference (unless you’re in Atlanta and New York, where there’s no difference, or in Denver, where numbers are actually favored). In a Trulia study, a house located on a “street” is the least expensive by price per square foot, while a home located on a “boulevard” price per square foot was the most expensive.
- Trader Joes
If you live within a mile of a Trader Joes, Whole Foods or Starbucks, your property value can rise. According to a RealtyTrac analysis, homeowners near a Trader Joe’s saw an average home value increase of 40%, while those near a Whole Foods saw a little less, 34%.
- A death on the property
This can be a deal-breaker for some. If you’re selling a home in states such as California, you must disclose if there was a death on the property within the last 3 years. Home sellers in states such as Georgia, Arizona and Pennsylvania do not need to disclose if a death occurred. Of course, if a prospective buyer directly asks if a death occurred in your home, whether or not you are required to disclose it, the best thing to do is be truthful.
- Crown moldings
It’s not enough to put a lot of time into selecting the perfect serene and neutral paint color scheme that you hope will attract the largest number of buyers, you shouldn’t neglect the importance of crown moldings. Unlike one of the other desirable home amenities such as high ceilings, you can easily add crown moldings.
- Weird or bad neighbors
One of the first questions prospective buyers ask sellers is “how are the neighbors?” Neighbors can be a factor in home values gained or lost. Neighbors with odd yard artifacts, statues and weird exterior paint schemes are a few of the things that can make it harder to sell your home.
- Big trees
While it’s common for home developers to cut down most or all of the trees on a property to build homes, according to the National Tree Benefit Calculator, large mature trees almost always enhance property values. If you have the space to add trees, take a trip to your local nursery and discuss what might be best for your property.
RealtyTrac. Better to own near Trader Joe’s or Whole Foods?
Trulia Real Estate 101. 8 Surprising Factors That Can Affect Your Home’s Value