This research examined the impacts of improvement in landscape quality and exterior house features on residential property values. These two combined factors are referred to as ‘curb appeal’ — i.e., the visual appearance of a property as viewed from the curb in front of a house. It is well understood regarding residential property that curb appeal affects house value, but a quantitative estimate of the size/magnitude of the effect is not available. This study developed a quantitative indicator of curb appeal, included it in a hedonic house pricing model, and determined its independent effect on values. Results confirmed that curb appeal has a positive impact on house value, with landscape and house appearance approximately equal in impact. With improved curb appeal, house price can increase up to 17%.
Impacts of the quality of landscaping and percentage of tree cover on home prices were estimated from a sample of 75 home sales within the Melonie Park neighborhood in Lubbock, TX, from 2003 to 2005. Estimates were derived using a regression of house sale price on house characteristics, landscape quality, and tree cover. Homes that improved landscaping from average quality to good or excellent quality increased selling price by 5.7 and 10.8%, respectively. Approximately 30% of the increase in sale value was accounted for by added tree cover. The results show that each $1.00 invested in upgrading an average landscape to excellent quality returns $1.35 in added property value.
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