What Does Your Broadband Internet Connection and Your Home Value Have in Common?“Location. Location. Location. The three most important things about real estate.” We’ve all heard this, and it turns out to be true in more ways than one – especially when you factor in some of the things that are beyond your control about the home you own. There are some things you can fix. You probably want to get rid of shag carpeting in the hallways and upgrade the kitchen if you’re planning to put your home on the market. You can move the needle on property value there. But here are a few things you can’t do much about.
Beyond the obviousEven after the devastating impact of the Great Recession, the majority of us still believe that homeownership is a wise investment. It isn’t just your own home that’s the investment. You’re also investing in what’s around you – even though you aren’t directly paying for it. Who wants to live near a nuclear power plant? The location factor comes into play, right? Think again. There’s actual research showing it doesn’t really do much to property values. And who would want to live near a loud and crazy NFL football stadium? It turns out that this might add value to your property.
Additions and subtractions
- Do you have big trees on your property? Give yourself a thumbs-up and add value to your property.
- Got a Starbucks nearby? How about Whole Foods or Trader Joe’s? According to Million Dollar Listing Miami cable show host Chris Leavitt, homes near these brand name establishments can increase home values by double digits.
- According to a study, people have street name preferences. The price per square foot of your home is worth more if you live on a boulevard, rather than a street.
- Some states require you to disclose if there’s been a death on the property. It can turn your home into what’s known as a stigmatized property – which can decrease property values by as much as 3 percent.