Have you ever been driving through a neighborhood looking at houses for sale and noticed that one is priced really high and another on the same block is priced really low? You wonder what sets those two houses apart so much, being in the same neighborhood. They may look quite similar from the road, but there may be some surprising factors that you’re not seeing that influence the home value quite a bit.
Here are some of those somewhat hidden factors that can impact home values:
- The Privacy Factor
A home that is considered quite private when it comes to the backyard will have a higher home value. You may not be able to see the backyard of a home when you drive by it, but the way that backyard is setup can influence the price of the home significantly. Think of a backyard that is unkept, has a view of other homes, or perhaps has a steep slope. That type of back yard is going to bring the value of the home down. However, a backyard that has no exposure to neighbors, is immaculately landscaped, flat, and very private will increase the value of a home.
- Backyard View
The view from a backyard matters. The better the view, the better price the home will reflect. There’s something called a “view angle” that measures the degree of scenery one can see from the backyard. It’s measured from 0 to 180 degrees and the higher the angle, the better the scenic view, and thus, home price influencer.
- Slope of the Yard
The slope of a backyard does matter, with a slight downward slope more desirable than an uphill slope. Of course, flat yards are probably the most desirable, but for the parts of the country that tend to be hilly, house hunters will be drawn to backyards that have a slope downward. This factor may not affect the home value significantly, but it can make a difference.
- Length of Frontage
Frontage length in front of the home can certainly influence home value. As you probably know, curb appeal matters, so homes with larger “curb” tend to be priced higher than front yards that lack length.
- Proximity to backyard neighbors
Having neighbors can be a wonderful thing, but no one really wants neighbors directly in their backyard. How close backyard neighbors are or how many backyard neighbors you can see will influence home value. This is why some homes in a subdivision will differ in price greatly. There are some that have a backyard lined with trees and privacy, while others will have other houses in their backyard, obviously impacting home value.
Take all these into consideration the next time you’re out seeking your next property, as well as if you’re pricing property to sell. When looking for your next pretty house think about how some of these have been underutilized at that property, or how to highlight them to make it more appealing to perspective buyers that are on your list.