So, what increases house value? Here’s an answer that will not only increase your house value but help the planet too.
Research shows green infrastructure such as trees and canopy treetops by the street could increase the value of your house by $50,000.
You may have heard of Sydney’s Inner West Council creating a new policy where residents no longer have to seek its approval to prune or remove trees within three metres of their house or a structure. But not calling a tree removal service yet is good for you from a financial perspective.
Keeping the greens around your home increases your property value as well as makes your home energy efficient, which apparently could also reduce energy bills by up to $400 a year. There is a direct financial gain however way you look at it.
Plus, if you’re keen on green, it’s always nice to know that urban trees on streets and yards don’t just provide financial benefits, they also influence critical environmental factors to a healthier planet.
How Street Trees Affect Land and House Values in Sydney
So according to the research, a tree is what increases house value. Increasing tree canopies in your house will increase its value, too. Take a look at the picture below.
The study calculated the tree canopy coverage and compared it with property sales information from RP Data. The analysis shows there is a relationship between the canopy size and the price of the land and property.
A 10 per cent increase in a canopy can increase the value of a property by $55,000 in Blacktown, $33,152 in Willoughby, and $60,761 in Annandale.
By optimising green infrastructure around your house, these trees can be a valuable asset.
There are challenges to maintaining trees. They can damage roads, electrical lines, plumbing and other infrastructure but, a study shows that they can also extend the life of buildings and asphalt pavements.
Trees make a good backdrop too, for decorating your house in Christmas!
So if you’re asking what increases house value, hang on to the trees around your house. They’re worth $50,000.
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