Everyone knows that having a remodeled kitchen or a large backyard will affect the resale value of your home; however, did you know that being closer to a Starbucks correlates with a higher sales price? According to research from Zillow, “Between 1997 and 2014, homes within a quarter-mile of a Starbucks increased in value by 96 percent, on average, compared with 65 percent for all U.S. homes”
Having your morning cup of joe close by adds value to your home, but there are a number of items that may negatively affect the value of your home. You may want to use caution when considering a property with electrical poles on the lot. Many buyers fear electrical poles; be particularly cautious when purchasing a property with transformers on the lot. Some people believe these are linked to certain health risks. Others simply don’t want someone entering their property every time a major storm causes a power outage. I also recommend looking at the title policy closely when purchasing a property. Keep an eye out for any easements noted. These may be for utility companies or a variety of other reasons.
Convenience to local transportation can also affect the value of your home. I have heard horror stories of people purchasing a home and later realizing that a daily train made such a racket they could not live comfortably in the house. Also be cautious of purchasing a property on a busy street. That being said, in some areas, being close to public transportation may actually be positive, thus, increasing the desirability of the property.
These tips are good eye openers. However, they are not all encompassing. If you are considering making a purchase and resale value is important to you, contact a real estate professional for an in-depth analysis.
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