Hello World! Welcome Friends! Maybe you have recently decided to have your home appraised because you plan to sell it. Perhaps you have to get an appraisal to take out a second mortgage. In any case, don’t be surprised if your home appraises for more than what you expected, even if you’ve made no upgrades or changes at all since you bought the place.
So many factors go into determining the value of a property that are totally out of the homeowner’s hands. Yes, the condition and features of the home matter, but something else can be just as important. Location, location, location can truly mean everything in real estate value. Take a look at a few surprising ways your home’s value can go up substantially without you doing a thing to change your property.
1. A New Commercial Business Opens Nearby
When new shopping centers or in-demand businesses make a home in your area, the value of your home can change almost overnight. While most people know that something like a new grocery store or shopping center can increase the value of the local real estate, most people have no idea that even off-beat businesses can make a difference. For example, if a Michigan marijuana dispensary opens up in your city, the value of your property can go up. For reference, between 2014 and 2019, homes in cities with a retail cannabis dispensary increased in value by $23,000 more than in cities where cannabis was illegal.
2. The Local Job Market Drastically Grows
If a new company or two decides to set up shop in your location and hire a bunch of employees, chances are, you will see the value of your property grow over time. The job market in an area can directly affect the value of the real estate in the area because people naturally gravitate toward locations where employment is easy to find.
3. A Population Boom Drives Demand
Population growth can naturally fall in line with an expanded job market. However, if anything, job availability or otherwise, attracts a lot of newcomers to your area, you can expect that the value of your home will rise. The population of a city drives the demand for homes in any given area. If homes become harder to find because there are so many people looking to settle in, it can naturally mean people are willing to pay more to get a place.
4. The Local School District Performs Well
Good schools are a huge factor for many buyers to consider when they look at houses in a particular area. According to the National Association of Realtors, at least one in four buyers claim that the quality of a local school district affects their buying decision. If local school performances change a great deal over the years or local rezoning places your home within a new, better school district, the value of your home can change for the better. As an adage, the addition of a college or university can mean heightened real estate values.
5. A New Naturalistic Park Shows Up Close to Your Home
Homes in close proximity to naturalistic parks actually have higher values. If your home was not close to a natural park or wide-open space when you moved in but now is, you could see as much as a 20 percent increase in the value of your home. According to a University of Washington research effort, properties within half a mile of open spaces or natural parks can be between 8 and 20 percent more valuable.
6. Crime Rates Decrease
Crime rates can be detrimental to the value of a home. However, if crime rates drop, the change can have the opposite effect; the value of your home could go up. If you get an appraisal and the value of your home has risen substantially, take a look at how crime rates have changed since you purchased the property.
7. Street Trees Have Grown
This one can definitely come as a surprise, but larger trees bordering a street can actually enhance the value of a home by as much as 3 to 15 percent. If trees have grown more abundant in your neighborhood over the years, there is a possibility that this alone could enhance the value of your house and property.
Your Home Value Is About More Than Closet Space, Renovations, and Upgrades
While you can do a lot of things to your property to bring up its overall value, sometimes, you don’t have to do anything at all. Take a look at the area that surrounds you, the neighborhood where you live, and even the population to get an idea of whether the value of your property may have risen.
Click the links below for any posts you have missed:
Ways to Maximize Space in an Apartment Kitchen
Is It Possible To Do An Epoxy Flooring Yourself?
How To Do Spray Foam Insulation The Right Way
5 Ways to Add Nature to Your Home
Tips on Advertising Houses for Sale Online
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Toodles,
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