Real estate world is a dynamic one and is always in a state of flux. Where you live in the United States, there is a rise and fall in the price of properties triggered by various economic and social forces. For instance, the increase in interest rates causes the price of properties to fall. A property with a larger lot of size costs more than one with a smaller parcel size. A residential property that located far in-land would cost less than one located close to business areas, beach fronts, airports, a celebrity, etc. A house with more bedrooms and bathrooms would cost more than one with less. And the list goes on. In this article, we bring you seven of these factors and show you how they can affect the value of your home.
* Factors That Affect Value of Your Home:
Thanks to the internet, word-of-mouth, experience, and many other factors, everyone knows these things about real estate. And even without the aid of a real estate agent one can navigate the prices of properties to find the best deals. However, other little-known factors have an insidious but significant effect on the value of a home. Have you got a house in Miami Florida you want to sell? Visit https://www.yourtrustedhomebuyer.com/sell-my-house-miami/ to get started. These factors are often overlooked or counted as unimportant by home-sellers and some real estate agents alike.
1. The Street Name:
The same way people like people with “cool” names like Ryan, that happens to be the same way people love to live in a neighborhood with cools names. It may sound too far-fetched, but the statistics are saying otherwise. A survey by Zillow.com showed that homes on streets or neighborhoods with cool names like Lake Drive or Boulevard are significantly more expensive than those with street names such as 2nd street, Baker Street, Sesame Street, etc.
One thing is clear, and people use street or neighborhood names to tell if the street/neighborhood is new or old, downtown or rural, and also if they are cheap or expensive.
Three things were clear from the home sales data gathered by Zillow about the connection between the street name and home value:
- Street names are more valuable than street numbers.
- Names with “Lanes” are more valuable than names with “Street.”
- Unusual street names sold better than regular street names.
Although there is an exception to this rule; there are places like Denver where people prefer to have street numbers than street names.
2. The Home Number:
The amount your home bears can and does affect the value of the property. Numerology is a fairly common practice that assigns a single-digit figure to your home using your address number as its basis. For instance, say your home address is 1423 park drive; you sum up 1+4+2+3 to get 10. Then add up 1+0 to get 1, which is your house number. And, in numerology, 1 connotes self-determination and self-sufficiency. Go here to learn more. It may sound like a bunch of superstition to you, but some people make choices to buy a home or not based on the house number.
3. The Kind of Neighbors:
The factor has overlooked but usually comes as a nasty surprise that causes a home to lose value in the eyes of prospective buyers. No person would like to buy a house next to an untidy, noisy, or inconsiderate neighbor. And next to none would like to purchase a property next to one owned by a biker gang or pot peddlers especially if they are moving in with their kids. It is a pretty simple rule: Good neighbors improve the value of a home, and bad neighbors do the exact opposite. It is true that you may not be able to choose who stays on the next property, have it in mind that their lifestyle could have a negative or positive influence on the value of your home.
4. Floral Aesthetics:
People love properties with trees on them. Trees provide shades and improve the quality of air in the surroundings. They also give an aesthetic appeal to the property which can cause their value to jump significantly. Sadly, most developers are in the habit of felling trees in the process of developing a parcel. Want to see how much worth of different kinds of trees adds to your home? Visit the National Tree Benefit Calculator to find out.
5. Crown Molding:
Back in the day, crown molding considers as a side dish for interior décor of a home. It can use as a cover for points where different building material is joined. However, these days it has become a must-have in building decorations. While they still serve the original purpose of covering cracks between building materials, they also help to make the ceiling appear higher. Having a well-designed crown molding can raise the value of your home significantly.
6. Proximity to A Big Brand:
If a brand like MacDonald’s, Starbucks, KFC, and the likes are coming to your neighborhood, your home’s value is about to reach for the skies. Data from home sales over the past few years have shown prices of properties jump as high as 40% it is located within a one-mile radius of a known brand.
7. Death on The Property:
Stigmatized homes, i.e. a house where a person or persons have died by murder, drug overdose, or suicide, can lose as much as 40% of their value. Even properties where hauntings or paranormal activities reported have seen prospective buyers running for the hills. Some states have a death disclosure requirement for sellers making it mandatory for buyers to be informed about death on the property. Even in States where this requirement is absent, it is proper to tell your prospective buyers about such occurrences. If they find out from a different source after they have purchased, a lawsuit may be in order.
These seven factors should take as seriously as one would consider other factors such as interest rates and mortgage. It is because even if interest rates fall (which should increase the values of the property) one or more of these factors can throw in a monkey wrench. On the bright side, the adverse effect of any one of these factors could be covered up by another. For example, if your home is on the street with an “uncool” name, the effect could be masked by lush trees, crown molds, and proximity to a favorite brand like Whole Foods Markets.