September 19, 2014 / By Trusst Builder Group
Many homeowners believe that a home’s value is its value. But, that’s not entirely true. While most homes do fall under similar values based on square footage, number of rooms, and property dimensions, the property’s purchasing value to a buyer can be raised or lowered depending on several factors.
Here are eight surprising things that can actually increase the value of your home. Some you can add after your purchase, and some you can’t.
#1: External Dwelling Units
Another surprising trend in real estate is young adults moving back in with their parents and aging parents moving in with their adult children. As a result, having an external dwelling unit on your property, such as a mother-in-law suite, a carriage house, or even a “tiny” home, can increase the value of your property by as much as 34%.
Trees not only lend beauty to a landscape but they add a surprising spike to home values, especially those homes with mature trees. Depending on the income level of your chosen neighborhood and where the trees are located (front or back yard or on the street), they can add between 2% and 15% to the value of your home.
In this age of health-conscious families, living in a walkable neighborhood is important. Having the ability to walk to stores, schools, parks, and restaurants is a convenience that can add as much as $35,000 to the value of a home.
#4: Living Near a Walmart
Walmart is one of the country’s most popular retail stores for a reason – they offer unbeatable prices and everything you need under one roof. As a result, living close to one can make your home’s value rise by as much as 3%. The closer you live to Walmart, the more value is added to your home.
#5: Living Near a Park or Other Open Spaces
If your home is conveniently close to a natural area, a public park, a golf course, or some other type of outdoor recreational space, then it may see an added value of up to 20%. That said, the quality and maintenance condition of the park is important to enjoying the highest possible increase. By similar standards, an overcrowded or poorly-maintained park can reduce a home’s property value.
#6: Living Near the Ocean
While living near open natural spaces can add some value to your home, nothing adds more value than living near the beach, and if you can see the waves break from your windows, you can add even more. The average value increase for a home with a view of the breaking waves can be as much as $106,000 according to the Monterey Institute of International Studies.
#7: Living Near a Community Garden
If you can arrange for a community garden to be planted within 1,000 feet of your home, you can expect your home’s value to rise by nearly 10% over five years. This information was researched and cultivated by the Office of the Comptroller of the Currency and New York University School of Law.
#8: Living Near a Professional Sporting Arena
Despite the common problems with living near a sporting area, such as parking and noise problems on gameday, studies actually show that properties within 2.5 miles of an area experience a value increase of between $2,000 and $3,000. Of course, if your home is located in an area where a new venue is being built, the construction can actually cost your home some value dollars, but once the venue is complete, then you will enjoy the value spike.
Let Trusst’s Wilmington NC Builders Build Your Home Where You Want It
Trusst Builder Group’s Wilmington NC builders not only build in some of the region’s most prominent communities, but they can also build your home wherever you choose to buy land. Call us today at 910-371-0304 to schedule a professional consultation with one of our home architects. We can help you get a home that will be worth more than its cost from the start.