February 12, 2014 4:52 pm
The value of a home is based on many factors. The most evident are location, number of bed and bathrooms, lot size, and age.
But other, not so evident factors will also play a positive role in a home's value. Here a few that will surprise you:
- Close to Parks and Open Spaces will add between $1,000 and $10,000, with natural areas scoring the highest and urban parks the lowest.
- Within 1 mile of Walmart can raise the price by 1 to 2%.
- Being able to walk to school, stores, park can add $4,000 in the suburbs. In cities, walkability is an important factor home buyers take into consideration and can add $34,000 to the price.
- An in-law or teen suite can add up to 34%.
- Trees on the street can add 3%, while trees in the yard between 3 and 5%.
As always in real estate matters, these assets need to valued by the home buyer who is willing to pay for those little 'luxuries'.