What Raises Property Value in DC?
What can I do to raise property value?
Are you wondering what the current market value of your DC or VA home is? We will be happy to help you figure that one out, but you may also be interested these, just a few of all, things that may raise property value.
In 2009 CEOs for Cities, a national consortium of civic and business leaders, did a study revealing that homes within walking-distance of stores, cafes, public transportation, etc, have a higher value than homes where one would need to drive to get there. "Houses with the above-average levels of walkability command a premium of about $4,000 to $34,000 over houses with just average levels of walkability in the typical metropolitan areas studied" the summary reads. Of course, this study was done in 2009 so chances are those numbers are higher today.
Here's one you may laugh about at first, but thinking about it it totally makes sense. If you live within a half mile of a Walmart, your home may have an additional value of 2-3% compared like homes outside a mile of it. Owners of Washington DC real estate in the Union Station, Chinatown, Mount Vernon Square and H Street Corridor area have the potential to see a value increase with the new Walmart that opened at 99 H St., NW in December 2013.
If you are thinking about buying a home inside of a 2.5 mile radius of a professional sports arena, you're looking at a small additional value as well. A study done by Universities of Illinois and Alberta of Columbus, OH before and after two sports stadiums were added, revealed an average value addition of $2,214. The median home price in Columbia, according to HomeInsight, is just under $120,000 and the median home price in DC is just shy of $500,000. If this were to translate percentually, we could be looking at a $9,000 average value increase.
People like trees. Maybe not the maintenance that comes with them, but not only will a leafy tree in the right location provide a cooling shade in the summer and still let in light in the winter time when the leaves are off, but it also looks beautiful. It might be worth investing in a leafy addition to your property! According to a research survey done by the University of Washington and article on houselogic.com one can expect the following value increase:
- Mature trees anywhere in the yard: 2%
- Trees on the Street: 3%
- Trees in the front yard: 3-5%
- Mature trees in high income neighborhoods: 10-15%
EXTRA DWELLING UNITS
Houselogic also reveals that an accessory dwelling unit, such as in-law-suite, rental apartment, carriage house, etc., can increase a home's value by 25-34%. Not to mention the extra income potential it would bring.
Or, just think of the joy of having the in-laws over!
The Youngling Real Estate Team | Monica Youngling, Realtor®
Serving Washington DC and Northern Virginia
Cell: (202) 213-9330 | Office: (202) 608-1880 ext.167
Berkshire Hathaway Home Services PenFed Realdy 216 7th St., SE, WDC 20003 & 13555 Wellington Ctr. Circle, Ste. 107, Gainesville, VA 20155
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