When it comes to selling our homes, there’s a lot that goes into the value of your home. There are things you can do to gain a higher value on your home, including updates and upgrades to your home, but it’s location to certain amenities can also add to your home’s value.
HERE ARE 7 SURPRISING AMENITIES THAT ADDS TO YOUR HOME’S VALUE.
COUNTY/STATE PARKS/GOLF COURSES
A desirable park or other recreational open space boasts the property value of nearby homes by 8-20 percent. One study looked at 16,500 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.
With the convenience of grabbing that needed item at 10 p.m., a study by the University of Chicago found that if you live within a mile of a Wal-Mart, your home’s value could rise by 1-2 percent and if you’re within half a mile, your property value could grow an additional 1 percent. For an average-size home, that’s an increase of $4,000-7,000.
Reality Check: What you gain in home value, could end up at Wal-Mart.
The ability to walk to schools, parks, stores and restaurants will raise your home’s value anywhere from $4,000-34,000, according to a 2009 study from CEOs for Cities.
Reality check: The biggest rise in walkability values was in large, dense cities.
ADDITIONAL DWELLING SPACES
Whether it’s an in-law apartment or carriage house, a separate living space can add to the home’s value by 25 to 24 percent, according to a study of 14 properties with accessory dwelling units in Portland, Ore. There is also the additional bonus of potential income from renting out the secondary living space.
Reality check: City ordinances can often ban additional dwelling units, so check zoning laws, building codes and homeowners association rules before adding that space.
PROFESSIONAL SPORTS ARENAS
A new sports stadium can raise property values in a 2.5-mile radius by an average of $2,214. And the closer you are to the new arena, the larger the increase in your home’s value.
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.
If your home is located within a 1,000 foot radius to a community garden, the value of your home will rise by 9.4 percent 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. Less affluent 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.
Whether there are trees in your yard or just on your street, they are a valuable asset you need to be aware of. According to a University of Washington research survey:
Mature trees anywhere in your yard raise the home value by 2 percent.
Mature trees on your street raise the home value by 3 percent.
Trees in your front yard raise the home value by 3 to 5 percent.
Mature trees in high income neighborhoods raise the home value by 10-15 percent.