Every home purchase transaction should be initiated with an earnest deposit to the seller. In fact, it’s rare for sellers to accept offers without a deposit. This monetary offering essentially
QUIRKY THINGS THAT CAN AFFECT YOUR HOMES VALUE
Pretty much everyone knows that a home’s size, number of bedrooms and bathrooms, and location have a huge impact on the value of a property. For instance, a 3-bedroom detached home backing onto a golf course will most certainly hold more value compared to a 2-bedroom townhouse that’s situated near train tracks.
Good schools and close proximity to public transit are well-known attributes that bring home values up, while high crime rates and a lack of amenities can bring them down.
These traits are pretty obvious, but there are a few odd features that you may not have thought of that can actually affect your home’s value.
Many homebuyers appreciate being within close proximity to their morning cup of coffee, and will even go out of their way to go there before heading off to work. But not every coffee hut necessarily brings in the same amount of appeal and attraction to a neighborhood. Starbucks, the country’s most famous coffee house, can actually drive up values of properties in the vicinity.
In fact, homes that are located close to a Starbucks – particularly within a 1-mile radius – appreciate a lot faster compared to the overall housing market, and the closer the better. Between 1997 and 2014, properties located within a quarter mile radius of a Starbucks appreciated 96%.
Take a drive down a street lined with large, lush trees, then take another drive along a barren road. Big difference, right? It’s unfortunate that most home builders completely clear a parcel of land of all of its mature trees in order to make room for new builds.
As the neighborhood matures, so do the trees, which provide a wonderful green backdrop that brings residents of a certain neighborhood closer to nature. The presence of mature trees almost always boosts the value of homes in a neighborhood.
The Street Name
This may sound outrageous, but the name of your street could actually play a role in your home’s value. In particular, it’s the suffix that matters. For instance, “Boulevard” tends to command a higher value compared to “Street,” which tends to rank the lowest on the home value list as far as street names are concerned.
A Death in the Home
There’s an understandable stigma attached to a home in which a death occurred. And if the death was suspicious or particularly gruesome, the stigma can be even worse. Certain states, like California, require that sellers provide a disclosure statement which specifies that a death occurred on the property.
Depending on the buyer, that piece of information could kill the deal. Even if there’s no requirement to disclose this information, it’s still something that should be communicated. Either way, such stigmatization could negatively impact the value of a home.
On average, homes that are in close proximity to a military base are valued 34.8% higher compared to the median-priced home in the U.S. Why? The perceived level of security of having the military so close by is attractive to many homebuyers.
Homes close to Army bases sell for an average of $50,000 higher than the median, and homes close to the Navy, Marine, and Coast Guard bases go for $90,000 or more compared the national median. It should be noted that many of these bases tend to be situated along the coast, particularly Coast Guard bases, which in and of itself drives home values higher.
The Bottom Line
Features that you may not have thought about can come into play when it comes to valuing your home. If you’re planning on getting your home appraised any time soon, or are looking to buy in the near future, make sure to keep these factors in mind that can impact the value of the home.