People debate whether remodeling a kitchen or a bathroom or even adding a swimming pool will add value to their home when they go to sell it.
Such upgrades can range from $20,000 to $60,000. More often than not, when a homeowner does go to sell they don’t retrieve nearly that much in extra money on the overall sales price of their home.
But there is one cost-effective improvement that keeps growing — literally and figuratively — in value over the years. That’s street trees.
Research by the Landscape and Urban Planning Institute as well as studies by economists shows that sizable street trees added a sales premium of $7,130 and typically helped a home sell almost two days quicker. The study was done on a large swath of homes of roughly 2,600 square feet each built in the same time period and by the same developer. Some had street trees, some has much smaller landscaping and some had the bare minimum landscaping.
The results showed:
uThe sales premium of having street trees was the same as adding 129 square feet to a home.
uHomes within 100 feet of a street tree in a neighbor’s yard enjoyed, on average, a $1,688 higher amount received in the sale of a home.
A study in New York City compared similar premium streets in terms of housing value with streets lined with big trees and those with small trees or none. There was a 10 to 15 percent difference in value with housing units on the streets heavily lined with trees getting the premium prices.
Trees offer other bonuses. They create shade that helps cool your home especially when they are orientated properly with the sun. And since most trees lose their leaves during winter they don’t increase winter heating costs.
They also create yard shade that can allow different landscaping. And trees with large canopies also shade vehicles keeping them cooler in the summer heat.
Of course, you have to get the right tree that doesn’t buckle sidewalks, grows fairly fast and sturdy and has the ability to create a large shade canopy.
Yes, they involve maintenance, but so do swimming pools, kitchens and bathrooms.
But dollar for dollar you get more value from street trees whether it is when you go to sell or when it comes to your monthly energy bill.
To contact Dennis Wyatt, e-mail email@example.com