As a Tallahassee or Leon County homeowner, you’ve invested considerable amounts of money over the years into different home projects, with the hope of increasing your property’s value if and when you decide to sell it. And quite often our Dickerson Landscaping team gets asked this question regularly.
However, to be completely transparent, it all depends. Aside from recession, unemployment, crime, and foreclosures that can happen in any area, landscaping improvements to a home or property will increase interest in the parcel. As for its value, that will always fall under ten particular areas that we’ll cover in today’s column.
The 10 Criteria To Increasing Your Property’s Value
Where is your home located?
The first criteria is a given. Where the property sits is the most crucial factor that affects how much your property might be worth to a buyer. Homeowners, for the most part, like their homes close to where they work, their weekly shopping trips, schools, restaurants, and places they can enjoy fun times with friends and family. If your property meets these criteria, then that will boost its value.
What is the supply versus demand factor?
We see it in gas prices, grocery store products, e-commerce websites, along with residential and commercial properties. When there is a higher demand for home properties in your area, but the available properties can’t meet that demand, your property value will increase. That stiff competition drives prices up because there are more people wanting to buy, then there are homes.
What are the current interest rates?
When the Federal Reserve changes its monetary policy, that will always affect your property’s value. Sometimes that’s good and other times as we have all seen could be disastrous. All it takes is to raise or lower the official cash rate. Next, lenders across the country adjust their home loan interest rates, and your monthly mortgage repayment goes up or down, which impacts on property’s affordability.
What is the economic outlook forecasting?
Over the course of our country’s history from one administration to another, there have been good, bad, and great economies. The overall performance of any economy will impact your property’s value. In our current economy, our country is seeing record lows in unemployment, and steady economic growth, meaning more Americans are working and can afford to buy your home, rising its property value.
What is the current property market performance?
The performance of the real estate market for your local area will affect how much yours and your neighbors' properties are worth. If there’s little demand for houses in your neighborhood and you discover all homes listed are selling below their asking price, expect your property values to fall.
What is the population and demographics in your area?
When there is a more significant number of people wanting a home in a select neighborhood, that creates a higher demand for properties in that community, at the same time, people groups living in the area will also influence property values. For example, if FSU and FAMU students are the dominant demographic group living in your neighborhood, multi-bedroom houses are always more appealing than small apartments.
What is the size and accessories of the property?
The overall size of your property will impact your home’s value. For instance, in your area, a four-bedroom house will sell more than a two-bedroom condo. Now let’s assume there are features such as an extra bathroom, 2-car garages, swimming pools, and entertaining outdoor add-ons; all of those accessories do have an impact on your home’s property value.
What do the exterior looks say about your property?
You never want to underestimate your property’s street appeal. First impressions are everything in real estate. Having the exterior of your house landscaped can instantly add or subtract tens of thousands of dollars from its value.
Should you consider renovation potential?
The potential for growth is vital for both homebuyers and investors — the possibility to add an extra bedroom or story; the chance to increase your floor space, or the prospect of adding a pool or sauna. If there’s room for a buyer or investor to improve and personalize this property with landscaping or hardscaping, the property’s resale value will increase.
What is your property’s investment potential?
The ultimate criteria of your property’s value? It comes down to what a potential investor envisions should they choose to buy your property. They weigh out whether to use the feature as rental income or later sell the property as part of their portfolio, and that too plays a role in your property’s value.
At Dickerson Landscaping and Lawn Care, we specialize in complete landscaping and lawn care grooming to assist with increasing your property’s value. If you’re shopping around for landscaping or lawn care services, contact us today.
If you found Will Landscaping My Home Increase My Property’s Value? helpful, then check out this other article “3 Things to Consider Before Gardening With Used Containers.”