When selling or buying a home, it’s important to understand factors that can make the property valuable. HouseLogic, the website of NATIONAL ASSOCIATION OF REALTORS®, devised a list of things that affect the value of a home. These are certainly applicable to the Woodlands area, so I’m listing some of them here as a standard for good practice when evaluating a house and its surrounding area.

Nature-centric

Houses that border or are near to county or state parks, and even golf courses, typically have an 8 to 20% higher value. It certainly pays to have a view.

Wally-world

Convenience for shopping plays a small part in the value of your home as well. The University of Chicago found that living within a mile from your nearest Wal-Mart increases your home’s value by 1 to 2%, while living less than half a mile away boosts a home an additional 1%. This most likely applies to any supermarket.

Walk it off

Homes within walking distance of schools, parks, stores, restaurants, etc. tend to have a higher value anywhere from $4,000 to $34,000 according to a 2009 CEOs for Cities study. Just keep in mind that those types of neighborhoods are anchored in town, with heftier prices due to the location.

Come on in!

I’ve also found that homes with extra living spaces (guest rooms, lofts, etc.) have a 25 to 34% higher value. Not only can family come to pay you a visit, but you can lease out the space for extra cash. For example, college kids rent out rooms to be closer to campus.

Playing for keeps

New professional sports arenas and stadiums can also raise property values (typically when less than three miles away) by an average $2,214. Don’t forget about traffic though when considering a home that’s near an area under construction.

Wood you mind …?

Green is valuable, especially if we’re talking about trees. Trees on and around the property increases a home’s value from 2 to 15%.

While only a few properties may cover all these bases (jackpot!), it’s ideal to try to hit two or three of them with your own (or potential) house. Preferences and needs, of course, change from area to area and person to person, but it’s always good to know all the factors that can affect the value of a home.

Article Citation: Bailey, Hank. (April 16, 2015). “6 factors that impact the value of a home.” Inman. Retrieved June 8, 2015 from:  http://www.inman.com/2015/04/16/6-factors-that-impact-the-value-of-a-home/.
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