You can always update or renovate your property to increase the value of your home. However, there are four surprising things that may increase how much your home is actually worth.
1. How close you are to a Starbucks. How far do you have to drive to get a frappuccino? If the answer is not that far, you’re in luck. A recent study has shown that if you live within a quarter mile of a Starbucks, your home has increased in value by 96% on average, compared to 65% for all U.S. homes.
2. Blue kitchens and blue bathrooms. Beyond America’s obsession with lawns and curb appeal, what’s inside your house counts, too—especially the colors you choose for the walls. A 2017 paint color analysis looked at more than 32,000 photos from sold homes around the country and found that homes with blue kitchens and blue bathrooms sold for a premium. Bathrooms with pale blue or periwinkle blue walls sold for a whopping $5,000 more than other homes. If your walls are painted in cool, neutral shades like blue or gray, that signals to a buyer that the home is well cared for.
3. Trendy features. Joanna Gaines’ aesthetic is permeating more than your YouTube search history; listings mentioning some of the Shiplap Queen’s favorite features sell faster and for more money than other listings. For example, listings with “barn door” in the description sold for 13.4% more and 57 days faster than comparable homes without that feature. Homes with “farmhouse sink” mentioned in the listing sold for 8% more. While a barn door might not increase the value of your home off the market, it seems to help when it comes time to sell thanks to the popularity of the style.
4. How close you are to a city. If you own a home in a major metropolitan area, then you are sitting on a significant financial asset. Homes in the New York metro area are worth $2.6 trillion, which is more than the value of the entire French economy. The average urban home is worth 35% more than suburban homes. Since 2012, the median home value in urban areas increased by 54%, while the median home value in suburban areas increased by 38%. That is still a great percentage, but urban areas are appreciating faster.
If you are curious about what your home’s value is in the current market, or if you have any other questions about how to increase your home’s value, just give us a call or send me an email. We would be happy to help you!