Factors that can increase the value of your home
Real estate agents know that valuing a home isn’t rocket science, but determining value is not nearly as cut and dried as the algorithms used by well-known property search sites in their estimated values.
According to House Logic, there are many factors that can influence the price buyers will be willing to pay for your home.
**Millenials cite “walkability” as the number 1 factor that influences their decision about location. In Portland, we are seeing more and more neighborhoods creating small shopping districts that home owners can walk to for groceries, coffee shops, fine dining, and boutique and retail shopping. Homes in walkable areas will see value increases of $4,000 – $34,000, depending on the type of shops and restaurants nearby. Clearly little boutique shops and dining are favored, and result in the higher valuations of neighborhoods. But just being able to walk to a local park is important too.
**Highly rated schools
**County or state parks or golf courses nearby can increase the value of a home more than you might imagine.
- A public park within walking distance can increase the value 8-20%
- A natural area can increase the value on average about $10,000
- A nearby golf course can raise the value approximately $8,000.
**Here’s a surprise – House Logic says a nearby Walmart that stays open 24/7 could increase your home’s value 1-2% and if very nearby another 1%. In Portland, Walmart stores are not all that popular but are gaining traction. But watch for areas where a New Seasons or Trader Joe’s market is either proposed or ready to open. Those are sure signs that the neighborhood is either prospering or is definitely on the rise in desirability and values.
**Additional dwelling spaces (whether a separate building or a basement with a separate entrance) can increase your home’s value 24-34%. These separate units are in high demand but are relatively rare in the Portland metro area.
**Trees are a valuable asset – and trees in your own yard, or better yet, street trees throughout a neighborhood make the whole neighborhood appear lush and inviting and raise the values for all home owners in your neighborhood. According to a University of Washington research survey:
- Mature trees in a yard add 2%
- Mature trees on the street add at least 3% for all home owners on the street
- Trees in the front yard add 3-5%
- Mature trees in high-income neighborhoods add 10-15%
While all the above factors can influence the value of your home, you can’t move your home to a better location to attract buyers. Still, if you want to add value, something as relatively easy and inexpensive as planting a tree or two in your mowing strip can definitely enhance not only your house, but the looks of your entire neighborhood too. Imagine if everyone on your street planted just one tree today how much more inviting your street would look in just 5 years.