A home is a solid investment and one of the most significant that any individual or family can make. Just like any investment, wise and careful planning are the most vital keys to get the most from your investment. If you are a homeowner, then there are many things you can do to improve the value of your home. You can remodel or repaint your house whenever you want to do so. Some experts agree that specific projects automatically increase the value of a home.
Of course, there are plenty of factors which add value to the property. Let’s take a closer look at five strange things that could mean higher home prices.
You must have heard the famous phrase ‘location, location, location’. This is just a simple catchphrase to help emphasize the importance people place on the location of the property they are willing to buy. The location alone can influence a property’s value to the extent that a old home needing upgrades can sell at higher in price than a property that has recently been remodeled and is in ready-to-move-in condition, but is located in a less sought after location.
2. House Name
If you are looking to sell your home but live on an oddly named street and you can’t get the street name changed (at least not in time to move), consider giving your house a name. Research carried out by Cheltenham and Gloucester Building Society shows that more than 88% of potential buyers prefer homes with a name than just listing the street address. Instead of listing your home as “123 Funky Town Ave”, name it ‘The Burrows’. You could actually add as much as 7% to your house value by doing this.
3. Fishing Rights
Many agree that a property with waterfront views can add 10% to 15% more to the value of the property. Now think of a property with waterfront views, and at the same time the right to drop a fishing line into that water – expect your property price to skyrocket.
4. Good Pub
Many people like to short walk to the pub, mall, or the nearest grocery store. According to research by Winkworth Estate Agency, 23% of buyers value a good pub close to their property. It could add 7% to 10% to the value of your home if found that having a decent watering hole nearby.
5. Historical Sites and Parks
Research by Zoopla shows that homebuyers are very keen on culture. Your property value can increase as high as 27% if it is near a recognized historical or cultural site, or is near a local or national park. Having something fun to do within walking or short driving distance can increase your home value.
All of these home-selling components and many subcomponents are in constant play. When you put your home on the market, it’s like shooting at a moving target; conditions are continually changing.