When it comes to determining the value of a home, most people think of location, size, and condition. But did you know that there are some truly surprising factors that can also have a significant impact on your home's worth? In this article, we will explore ten unexpected factors that can either raise or lower the value of your home. Buckle up and prepare to be amazed!
1. The Color of Your Front Door: Believe it or not, the color of your front door can impact your home's value. A study conducted by Zillow found that homes with black or charcoal gray front doors sold for an average of $6,271 more than expected. So, if you're looking to increase your home's value, consider giving your front door a fresh coat of paint.
2. Proximity to Coffee Shops: Living close to a Starbucks or other popular coffee shops can actually boost your home's value. A study by Harvard Business School found that homes within a quarter-mile of a Starbucks appreciated more quickly than those farther away. Time to move closer to your caffeine fix!
3. Superstition and Street Numbers: Numbers can be powerful, and in some cultures, certain numbers are considered unlucky. For instance, in Chinese culture, the number 4 is associated with death, while the number 8 is considered lucky. Houses with street numbers containing unlucky digits could sell for less, while those with lucky numbers might fetch a higher price.
4. A Haunted Reputation: While it may seem like something out of a horror movie, a home's haunted reputation can actually impact its value. A survey by Realtor.com found that one in three people would be less likely to purchase a home if they believed it was haunted. On the flip side, some people might be willing to pay a premium for the thrill of living in a haunted house.
5. Nearby Pokemon Go Stops: This popular mobile game took the world by storm, and it turns out that living near a Pokemon Go stop or gym can increase your home's value. A study by the University of Wisconsin-Madison found that homes within 100 meters of a Pokemon Go stop appreciated at a higher rate compared to those farther away.
6. Neighbors' Lawn Decor: While you can't control what your neighbors do, their lawn decor can impact your home's value. An overabundance of lawn ornaments, unkempt gardens, or even a collection of garden gnomes might deter potential buyers.
7. Your Address Suffix: The suffix of your street address can actually influence your home's value. A study by Trulia found that homes on "Boulevard" addresses sold for 36% more than those on "Street" addresses. Time to petition for a street name change?
8. School Mascots: It may sound far-fetched, but the mascot of your local school can impact your home's value. Research conducted by the Federal Reserve Bank of St. Louis found that homes in neighborhoods with schools that have animal mascots appreciated at a faster rate than those with human mascots. Go, Wildcats!
9. Proximity to Cemeteries: Living close to a cemetery might seem spooky, but it can actually increase your home's value. A study by Redfin found that homes within 50 meters of a cemetery sold for 2.3% more than those farther away. Rest in peace, and profits!
10. The Name of Your Street: Finally, the name of your street can play a role in your home's value. A study by Zillow found that homes on streets with names like "Lake" or "Sunset" sold for more than those with more generic names. Looks like it's time to consider a more
In conclusion, the value of your home is influenced by a myriad of factors, some of which are truly unexpected and fascinating. While location, size, and condition are undoubtedly important, it's worth considering these surprising elements when assessing your property's worth or planning to sell your home. By understanding these hidden factors and making strategic improvements where possible, you can potentially boost the value of your home and make it more appealing to potential buyers. So, next time you find yourself contemplating home improvements or evaluating the worth of a property, don't forget to factor in these eye-opening aspects that can play a crucial role in determining the true value of a home.
Written by: Texas Roadrunner Realty with ChatGPT
Image by Canva
Sources:
- Zillow, "2018 Paint Color Analysis", https://www.zillow.com/research/2018-color-analysis-20008/
- Harvard Business School, "The Effect of a Superstar Innovation on Local Economic Activity: Evidence from Starbucks", https://www.hbs.edu/faculty/Pages/item.aspx?num=52697
- Realtor.com, "Haunted Real Estate Survey", https://www.realtor.com/research/haunted-house-survey-2017/
- University of Wisconsin-Madison, "Pokémon GO and Real-World Gains from Virtual Location-Based Amenities", https://www.sciencedirect.com/science/article/abs/pii/S0094119020300650
- Trulia, "Street Suffixes and Home Values", https://www.trulia.com/research/street-suffixes/
- Federal Reserve Bank of St. Louis, "Sports Mascots and the Natural Rate of Unemployment", https://research.stlouisfed.org/publications/economic-synopses/2018/10/05/sports-mascots-and-the-natural-rate-of-unemployment/
- Redfin, "Homes Near Cemeteries Sell for More", https://www.redfin.com/news/homes-near-cemeteries-sell-for-more/
