Landscaping Can Significantly Impact Home Values, Appraisal Institute Says
May 15, 2018 08:00 AM
CHICAGO (May 15, 2018) – The Appraisal Institute, the nation’s largest professional association of real estate appraisers, today encouraged homeowners to pay close attention to their property’s landscaping as it could have a major impact on value.
The American Society of Landscape Architects suggests that homeowners invest 10 percent of a property’s value in landscaping. In fact, a well-landscaped home can add approximately 6 to 13 percent in value compared to a property with no landscaping, according to one source.
“Don’t underestimate curb appeal. A home with lackluster landscaping or an exterior in desperate need of a fresh coat of paint will likely be unappealing to prospective buyers and, ultimately, could affect the home’s potential resale value,” said Appraisal Institute President James L. Murrett, MAI, SRA. “Consumers need to ask themselves if their landscaping is attractive enough to make a prospective buyer walk through the front door.”
The Appraisal Institute encourages homeowners to consider these four landscaping improvements:
Stick to the essentials. Spending a relatively small amount on design basics such as a winding flagstone walkway, stone planters and flowering shrubs typically provides a solid return on investment.
Plant a tree. A survey conducted by the U.S. Department of Agriculture Forest Service showed that mature trees add an average of 10 percent to a property’s value.
Think local. Purchasing plants that are native to the homeowner’s region, or that need little water and maintenance, can help consumers save money.
Be efficient. According to the U.S. Department of Energy, well-placed trees, such as those that block shade, can reduce energy bills by up to 25 percent.
Homeowners can learn more about how landscaping may influence property values by contacting a local Designated Member of the Appraisal Institute in the organization’s Find an Appraiser directory.
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The Appraisal Institute is a global professional association of real estate appraisers, with more than 18,000 professionals in nearly 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.