Landscape and House Appearance Impacts on the Price of Single-Family Houses

Elam, Emmett; Stigarll, Andrea

doi:10.24266/0738-2898.30.4.182

Cited by 8 publications

(9 citation statements)

References 8 publications

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“…However, soft information relating to the house's appearance also has a considerable influence on the price [3]. These factors include the perceived safety and bustle of the neighborhood, social-economic status and luxuriousness, privacy of the parcel or factors indicating the possibilities for relaxation [3,20,21,22,23]. A house is often sold when the buyer's characteristics match with the real estate style [21].…”

Section: Real Estate Appraisalmentioning

confidence: 99%

“…Most information extracted from exterior images relates to the real estate appeal. The property's aesthetics can be split into two subcategories related to the house and the landscape [20]. Within both subcategories, the style and quality perception are of interest for the price estimation.…”

Section: Real Estate Appraisalmentioning

confidence: 99%

“…This factor indicates more expensive houses [26]. Other variables corresponding to vegetation are trees on the lot and within the street, both having a positive price influence [27] because they can reduce traffic noise and spend shadow in the summer [20]. Also, the lawn quality [28] or trimmed vegetation on the parcel [29] are factors that should be considered.…”

Section: Real Estate Appraisalmentioning

confidence: 99%

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Visual Interpretability of Image-based Real Estate Appraisal

Kucklick¹

2022

Proceedings of the Annual Hawaii International Conference on System Sciences

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Explainability for machine learning gets more and more important in high-stakes decisions like real estate appraisal. While traditional hedonic house pricing models are fed with hard information based on housing attributes, recently also soft information has been incorporated to increase the predictive performance. This soft information can be extracted from image data by complex models like Convolutional Neural Networks (CNNs). However, these are intransparent which excludes their use for high-stakes financial decisions. To overcome this limitation, we examine if a two-stage modeling approach can provide explainability. We combine visual interpretability by Regression Activation Maps (RAM) for the CNN and a linear regression for the overall prediction. Our experiments are based on 62.000 family homes in Philadelphia and the results indicate that the CNN learns aspects related to vegetation and quality aspects of the house from exterior images, improving the predictive accuracy of real estate appraisal by up to 5.4%.

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Section: Real Estate Appraisalmentioning

confidence: 99%

Section: Real Estate Appraisalmentioning

confidence: 99%

Section: Real Estate Appraisalmentioning

confidence: 99%

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Visual Interpretability of Image-based Real Estate Appraisal

Kucklick¹

2022

Proceedings of the Annual Hawaii International Conference on System Sciences

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“…"Cost effectiveness" includes the budget spent on green space design and elements that provide relatively good value. A study shows that a house with budget green space design could have its price increased by up to 17% (Elam and Stigarll 2012). Additionally, LIM/BIM is adapted for its effective and efficient communication between the disciplines of the AEC industry (Ahmad and Aliyu 2012;Burt and Purver 2014); the use of LIM/BIM can possibly eliminate the inefficiencies in the design and construction process and result in better productivity (Flohr 2011).…”

Section: Economic Advantagesmentioning

confidence: 99%

Exploring views on design and service factors for improving housing development green space quality in Taiwan

Juan

Tsaih

2021

Journal of Asian Architecture and Building Engineering

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The objective of this study was to learn views from design teams, housing developers and users for housing development green space quality that could best enhance occupant well-being and real-estate value addition. Through literature review, 26 landscape design and service factors were identified and tested via a questionnaire survey conducted in Taiwan. Participants (N = 380) evaluated the importance level of the proposed factors with five-point Likert scale. Friedman Ranking Test and Kruskal-Wallis Test were used to analyse data. The results showed that ease of maintenance, regulation compliance and energy saving were the top factors for all participants. These are the economic advantage, bidder characteristics and environmental awareness concerns. Life cycle design and water retention and detention factors were evaluated as the critical factors from the potential housing developer and buyers. Green infrastructure connection and neighbourhood connection were ranked as very important factors for landscape architects. Landscape architects to practice with license and use LIM/BIM in project was particularly expected by the potential housing buyers with high importance level. The preliminary findings of this research can assist public housing agency and private developers for policy and decision making effectively in future housing development green space projects.

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“…This and the general design of the building create an impression that satisfies the physical, emotional, aesthetics, psychological and intellectual needs of the occupant (Astrolabe, 2002). The value of a residential property may be affected by many characteristics such as structural characteristics, neighbourhood characteristics, location factors, landscape quality and house appearance, particularly the exterior features (Elam and Stigarll, 2012). Paint is one of the most popular wall finishes; it comes in difference colours and with significant positive impacts on the sense of satisfaction of the users of the property.…”

Section: Introductionmentioning

confidence: 99%

Deteriorated aesthetics of external wall paint; the impact on rent and take-up of accommodation in a high-end housing estate

Akinbogun

Aigbbavboa

Gumbo

2020

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PurposeThe factors affecting housing rent and take-up had been largely examined in a cluster. This leaves a dearth of knowledge on the influences of other disparate factors, such as the aesthetics of the building facade. This paper examines the effects of a deteriorated external wall paint on the tenants, rent and take-up of housing located in a high-end housing estate in Akure, Nigeria. The logic is to examine the place of aesthetics among the general factors affecting take-up and rental prices.Design/methodology/approachData were collected through census from 133 respondents residing in houses with deteriorated external wall paint. It applied both descriptive and multinomial logistic regression (MLR) to analyse the data.FindingsFindings reveal that close to 60% of the respondents were psychologically affected by the visible deterioration of external wall paint. This translated to a significance reduction in rent compared with the rental prices of similar houses the appearance of which was not deteriorated. Generally, this study found that aesthetics paled into insignificance in the analysis of the general factors affecting housing take-up and rent. However, it ranked first when these were analysed on the structural characteristics of the house only. This is consistent with findings from the MLR parameter estimate, which shows that those who were psychologically affected are more likely to pay a 15% increase in their current rent to take up a similar house without paint deterioration.Practical implicationsThe findings of this study have implications on practice and theory. First, while the location mantra is a key determinant of rental prices in theory, in practice, rent on comparable houses could differ if the aesthetics of the external wall paint is compromised. This implies an avoidable loss of rent to the owner of a property who compromises the aesthetic quality of the external wall paint in a high-end location where affordability is arguably high. The implication on public authority is that a lower rent may have a negative implication on government revenue and specifically property tax which is normally based on market rent of a property.Originality/valueA novel quality of the study is that it separates the structural characteristics of a house from the general factors in order to examine the specific effect of deteriorated aesthetics of external wall paint on take-up and rent.

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Landscape and House Appearance Impacts on the Price of Single-Family Houses

Cited by 8 publications

References 8 publications

Visual Interpretability of Image-based Real Estate Appraisal

Visual Interpretability of Image-based Real Estate Appraisal

Exploring views on design and service factors for improving housing development green space quality in Taiwan

Deteriorated aesthetics of external wall paint; the impact on rent and take-up of accommodation in a high-end housing estate

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