When you are buying a home, even if you plan to stay for a long time, it is always important to look ahead to how easy it will be to sell when that time comes... because life happens and circumstances can change.
We all have heard how location, location and location are the three most important things in real estate. Most people are aware that living near a lake in Minnesota increases resale and property value, as can living in a highly regarded school district.
HouseLogic has come up with an interesting list of how other neighborhood assets can affect value, based on studies in various parts of the country.
- Parks and golf courses - can increase property values of nearby homes by 8-20%
- Walmart or other similar 24-hour businesses - can raise value 1-2%
- Walkability - being close enough to walk to schools, parks, stores and restaurants can raise values from $4,000 to $34,000
- In-law apartment or carriage house - having a separate living space can increase a home's value by 25-34% and can be used not just for family, but additional income
- Mature trees - whether in your yard or just on the street, mature trees add to your property value
- Mature trees in a yard + 2%
- Mature trees on the street + 3%
- Trees in the front yard + 3-5%
- Mature trees in high income neighborhoods + 10-15%
Buy a home because you love it and it fits your lifestyle, if that is where you plan to live. But looking ahead to how desirable it might be when it comes time to sell is also an important consideration.
Sharlene Hensrud, RE/MAX Results - Minneapolis-St. Paul Realtor