How Green Spaces Can Increase Home Value

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Over the history of urban planning, many innovations and improvements have been made in our urban landscapes for the specific reason of improving public health. From the emissions zones that are familiar to anyone living in a large city to the provision of cycling infrastructure so common in European cities, urban planners are constantly developing new ways to plan for public health. Going right back to the earliest days of such activity, the importance of green space was probably the first thing that public-minded urban planners recognized as essential for public health.

These days, it isn’t just that green space is recognized as good for public health; it is also well-known to a be real value booster when it comes to property prices. It is well-known that buyers will nearly always look favorably on an urban property that has some sort of green space close by. To be clear, we are not talking about the front lawn and back yard here as these are elements of the home that are largely considered part of the property itself. Instead, we’re talking about the proximity of parks, playgrounds, and leafy squares.

External Obsolescence

Unfortunately for homeowners who are looking to boost their property values with a few judicious changes, the proximity of green spaces is one value-adding factor that is out of their control. There might be a little that can be done – for example keeping a park tidy by organizing community litter-picking initiatives – but, generally speaking, the green spaces which add or subtract value from your home is part of what realtors call “external obsolescence”. This refers to all the factors that are affecting the value of a property but which the property owner cannot influence.

CityHome Collective, a real estate brokerage specializing in condos and luxury homes for sale, recommend that, even though the surrounding green spaces might be considered external obsolescence, you should not simply forget about them. For making an accurate valuation of your home, you need to consider not only the value of the local green spaces, but also potential developments and changes which could see a property increase or decrease in value at some point in the future.

Putting a home on the market can be a protracted process, as well as one which is deferred for quite a while after the decision to sell has been reached. Accordingly, the effect of local green spaces is essential for calculating how value will fluctuate and for making predications across the entire time the home will be on the market.

How Green Space Affects Property Value

So, precisely how does green space affect property value. Here follows some tips for working that out:

What Does it Offer?

Green space always offers a place to escape the urban environment, but what else does it offer? A local botanical garden will affect property prices in quite a different way from a local play park.

How Close is It?

Naturally, the exact proximity of the green spaces will affect property value. If the park is a 20-minute drive away, then you can be sure it will not be boosting your home’s value all that much.

How Exclusive is It?

A common feature of urban green spaces is that they can often be tied to a specific housing development. For example, there are community gardens which are specifically built to serve a specific community. If your home makes up part of that community, this exclusivity will hike value more than a common public park.

Most people today live in urban environments. Accordingly, the power of the green spaces to make or break value has never been greater.

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