What Can Affect Your Home’s Value?

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Besides the obvious, there are some unexpected circumstances that can influence the value of your home.

Value

You know that in real estate, lot size, location, square footage, and number of bedrooms and bathrooms determine home value. But are these obvious factors everything you need to calculate your home’s property value estimate? Definitely not. Other, less obvious features can come into play — attributes you might not have considered. So, here are eight frequently overlooked (and not always fixable) things that, for better or for worse, can impact your home’s worth.

 

 ValueTrader Joe’s / Whole Foods / Starbucks

Your property’s value increases if you have any of those establishments close by, typically within a mile. “Homes near Trader Joe’s have increased in value by an average of 40% since purchased,” says Chris Leavitt, a South Florida and New York, NY, agent and past star of the TV series Million Dollar Listing Miami. “Nearby Starbucks and Whole Foods Markets also enjoyed double-digit gains on home value.”

 

valueThe name of your street

People usually prefer the street they live on to have a name versus a number. This is mostly true nationwide (with exceptions of places where there is no difference, and Denver, CO, where numbers are favored). According to a study done by Trulia, “street” is the least expensive address suffix by price per square foot, and “boulevard” is the most expensive.


 

3A 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 the buyers found out there had been a death on the property, two out of five buyers that were interested defer from buying the property.There’s even a name for a home someone died in: stigmatized. This 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, if someone asks, you should certainly fess up. It’s just the right thing to do.


 

4Crown moldings

If you’ve worked hard to select just the right neutral paint color scheme with a pop of a bold color that will probably attract the most buyers, you’re not doing yourself any good if you neglect one important element: crown moldings. “People love crown moldings,” says Alexander Boriskin, a New York, NY, agent. “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.


 

5Your house number

Have you ever heard of house numerology? It’s the practice of assigning a single-digit number to your home based on its address. Let’s say your address is 1219 Aloha St. Add 1 + 2 + 1 + 9 to get 13. Then add 1 + 3. Your house would be 4: which is 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.


 

6Mature trees

Good news for environmentalists and Tree-huggers! When building homes, it’s common practice for developers to cut down most or sometimes all of the trees on a property. What some people aren’t aware of is that mature trees almost always enhance property values. If you have the space, make a trip to your local nursery to discuss the best tree options for your home.


 

7Sketchy neighbors

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. The closer you live to your neighbor, the more important it will be for your tastes, habits, and personalities to jibe with theirs. The last thing a potential buyer wants is to purchase a home or a condo unit  where the neighbors beside them or above, respectively are noisy or inconsiderate.


 

8Sports paraphernalia

There is such a thing as too much of  a good thing. In the case of sports paraphernalia, potential buyers might be turned off because of the overwhelming number of props, gear, sports-themed furniture present in your house. 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.


 

Have you discovered an unusual factor while calculating your home’s property value estimate that skewed your home’s value?
 
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