Okay, so you know that square footage, number of bedrooms and bathrooms, lot size, and the location of a home help to determine the value. It’s a no-brainer that a 4,000 square foot house with 3 bathrooms on a quiet cul-de-sac will most likely be worth more than a 2,000 square foot home with the same number of bed and baths but located on a busy street. However, to calculate the property value estimate of your home there are some other not quite so obvious factors to consider. Below are eight quirky things that surprisingly can impact the value of your home…
The Street Name
People typically prefer the street they live on to have a name versus a number. In terms of address suffix – “street” is the least expensive by price per square foot and “boulevard” is the most expensive. “Hambone Road” doesn’t carry the same “oomph” as “Palm Beach Blvd.”
How close are the neighbors? The closer they are the more important it is that their personality and values jive with yours. Buyers look and listen to what is around the potential home when making their decision to buy. Pristine yards and well-kept surrounding homes entice buyers. Too many yard ornaments and cars up on blocks are a death knell to the sale of your home. A potential buyer looking at a condo will probably keep walking if the neighboring units are noisy and the parking lot is crowded with undesirables. Maybe those homeowner association fees are worth the price after all.
Many newer developments require that most of the old trees on a property are cut down to allow for the build. However, it’s a known fact that mature trees almost always enhance property values. There are even benefits to planting specific types of trees. If you have the space, make a trip to your local nursery to discuss the best tree options for your home/neighborhood.
These days everyone watches those home decorating shows and knows that if you’re going to sell your home, you have to select a neutral paint scheme which will appeal to most all prospective buyers. However, another important element that attracts buyers is crown molding. If possible, take the time to put in crown molding where applicable in your home. Be sure to work with the scale of the room/s in question especially if you have a lower ceiling.
Sports Paraphernalia Overload
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. Some homeowners go a bit overboard with sports logo carpeting in the man cave and guest bathroom décor. Don’t take the chance on turning away a prospective buyer – scale back on the “fandomonium” when it comes to décor.
Certain establishments, typically located within a mile, have been shown to increase property value. Some of these include Starbucks and Whole Food Markets. You have no way to control what is built near your home, but it’s a good by-product advantage to have.
A Death On the Property
In some states, sellers must disclose whether there has been a death on the property. The term is “stigmatized” and can also refer to a home where a murder, suicide or any paranormal activity has occurred on the site. Stands to reason that this can be a turn-off to many buyers. Even if your state doesn’t have a death disclosure requirement, if someone asks, do the right thing and fess up. You would hope to expect the same in your house search.
When it comes to property value, there are only so many factors you can control. Even if some of these quirky traits are completely out of your hands, having awareness is key to understanding a potential buyer’s perspective.
The House Number
While not every buyer is superstitious, some do subscribe to the theory of house numerology. This is the practice of adding the numbers together to come up with a numeric calculation for the home. A buyer who believes in numerology may overlook a potential home because of their numerology calculations. However, whether or not you’re into numerology, house numbers do matter. If your address is “13”, considered a universally unlucky number, don’t be shocked if it turns some buyers away.
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Tom Reese has 20+ years experience in helping his clients sell their homes for a price that sells and makes them a profit. Tom has helped his clients buy and sell property in every neighborhood in Northern Kentucky and Cincinnati.
About Tom Reese
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