Raise your hand if you watch Fixer Upper or Flip or Flop on HGTV!
(I’ll bring my hand down, so I can type more efficiently.)
It is amazing what can be accomplished with imagination, interior design skills, ingenuity, and a healthy budget. Small and large investments can pay off in the long term, individual families benefit from new household amenities, and communities are improved and strengthened by increased property values and home pride. Of course, not everything increases a home’s value, and it is important to be savvy when giving advice to buyer or seller clients.
Members often contact NAR’s Information Services to find out how a certain home feature or community addition might impact the value of a property. Sometimes, the answer is fairly easily obtainable – resources like Cost vs. Value Report from Remodeling Magazine can give us quick answers on home improvement topics. Information Services is contacted so frequently about certain community topics that we have created Field Guides dedicated to each of them. Hazardous waste? Covered. Power lines? Done. (As I was linking to this Field Guide another request for it came in!) Trails and greenways? Here you go! Wind farms? Bam!
More often than not, the answer to whether the impact will be positive or negative is “it’s complicated.” In these situations, we turn to anecdotal evidence of property value increases and decreases. There might not be data to state an outcome with absolute certainty, but searching articles from newspapers, magazines, and journals might provide some insight to general opinion or precedent. For example, Information Services was recently tasked to find out the impact traffic lights have on property values. Research showed this question could be answered on more than one level. Boiled down, residential property values can decrease, while commercial property values can increase.
These research requests are just some examples of the challenges enjoyed by Information Services. We have the resources and expertise to help REALTORS® provide the best information to their clients! What questions do you have about your listing properties?
HGTV, we will be waiting for you to contact us for show ideas.
Keep in touch and informed: Follow Information Services on Twitter (@asknar) and Facebook (NAR Information Services). Contact us next time you have a research project or question toll-free at 800.874.6500, firstname.lastname@example.org, Skype narinfoservices, or text AskNAR to 66746.