Your Property Value Could Be Affected By These 7 Things

Insights from Better Homes and Gardens Real Estate Advantage Realty.

Property features like location, condition and views are known to impact value. However, there are less obvious elements of a property that may significantly influence its perceived worth. Here are a few examples:

Zoning: The more flexible the zoning — including the additional types of improvements that can be made — the more valuable the property.

Easements: Easements in your property’s favor may enhance its value, while easements encumbering your property may detract from its value.

Neighborhoods’ restrictive covenants: Some neighborhoods have rules that could enhance or detract from the value of the properties in that area. For example, properties with view-plane restrictions ensure that a neighboring property’s view is preserved, but they also limit the buildable area of the properties on which the view-plane restrictions are being enforced.

Home’s history: A property’s value may increase if a famous person lived there before, but notorious incidents can detract from its value.

Potential road widening: This allows another party — typically a government agency — to potentially take a portion of a property to widen an adjacent road, which could significantly impact what can be built on the property in the future.

Are pets allowed: Many condos have limitations on pet ownership. If a condo association does not allow a buyer to have a pet in the unit, it is unlikely that that buyer would purchase the unit at any price.

Flood-zone classification: Flood insurance can be expensive. Typically, high-risk flood zone designations lead to higher-cost flood insurance that can affect the desirability and affordability of a property.

These are just a few examples of things that should be considered when determining an offer price as a buyer and a list price as a seller.

Myron Kiriu is a Realtor and owner and CEO of Better Homes and Gardens Real Estate Advantage Realty. To contact him for your real estate needs, call (808) 864-9000, email myronk@betterhawaii.com or visit myronkiriu.com.

Editor’s Note: This article has been slightly modified from the original print version for optimal online reading. To view the full print story, pick up your copy of Hawaii Home + Remodeling at one of our partner locations.