Besides the obvious factors like square footage, number of bedrooms and bathrooms, lot size, and location, do you know what other factors determine home value? You’d be surprised! Other, less obvious features can negatively or positively affect your property value — features you may have never considered. Here are 5 surprised factors that can affect your property value.
1. The Name of Your Street
People typically prefer the street they live on to have a name instead of a number. According to a study by Trulia, “street” is the least expensive address suffix by price per square foot, and “boulevard” is the most expensive.
2. Your House Number
While you may pass your house number off as a superstition, buyers who subscribe to this theory may overlook potential homes because of their numerology. 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. Also keep in mind that if you’re dealing with an international buyer, their culture may have different “unlucky” numbers as well.
3. Mature Trees
More often than not, developers cut down most or all of the trees on a property to build homes. But, if you happen to have mature trees on your property, you’ve lucked out! Mature trees almost always enhance property values. So think twice before ripping out that mature Birch tree in the backyard!
4. Starbucks, Trader Joe’s, and Whole Foods
If you have any of these establishments near by, you’re in luck! Homes that are located typically within a mile of a Starbucks, Trader Joe’s or Whole Foods see an increase in their property value.
5. A Death on the Property
Depending on where you are selling your home, you may be required to disclose what is called “emotional defects” about a home — specifically, if a murder, suicide, or violent crime. In California, Civil Code 1710.2 requires that any death on a property does not need to be disclosed if it occurred more than three years prior to the sale of the home. However, if a buyer asks, this same statute requires the seller to disclose any death on the property more than 3 years old. This can definitely be a deal breaker for some buyers, and if there was a particularly heinous (and public) crime committed in the home, your property value is definitely going to go way down.
Cesi Pagano
(949) 370-0819
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