When it comes to determining the value of a home, there are many obvious factors — lot size, recent updates, school districts — that have a big influence. However, there are also some not-so-obvious factors that can also have a big impact on home value, too. While you might not have much control over many of these factors, taking them into consideration when purchasing or selling a home will put you in you a good position to benefit when the time comes. Here are five less-than-obvious factors that can positively or negatively influence the value of your home.
At a time when younger generations are ditching the drivers’ license and urban mobility is top-of-mind, having stores, restaurants, and shops within walking distance of your home could boost the property value.
2. DIY jobs
Who doesn’t watch an episode of Fixer Upper and suddenly feel like they can tackle the most challenging home renovations themselves? The truth is, many of us are not qualified to take on these big jobs. If too many home projects have been DIYed by non-experts, buyers will notice. And if they don’t notice, the inspectors will. A good rule of thumb is that if the project is beyond your level of expertise, consider hiring a professional.
3. Mature trees
While this item on the list is entirely out of your control, a home in a neighborhood with mature trees will usually add value to the property. Not only do trees provide shade and many health benefits, but they also cut down on noise.
4. A death in the home
Laws vary, but many states require sellers to disclose if a death has occurred in the home – especially if the death was not from natural causes. Often referred to as a stigmatized property, buyers may be wary of purchasing a home where a death occurred.
5. Pools and hot tubs
Depending on where you live, pools and hot tubs may have a negative effect on the value of your home. If you live in an area where the summers are short, buyers might see a pool as a lot of work with little payoff. If you live in a warm climate, however, it could be an added bonus. Before investing in a property with a pool or hot tub, do some research on your area and whether it will attract or deter future buyers.