Can Street Art Increase The Value of Your Property?
In today’s competitive real estate market, homeowners are always looking for ways to maximize the return on their investment. Recent research shows that there could be a surprising way to go about that: public art. In the past, street art and graffiti were often perceived as having a negative effect on the values of homes and commercial properties, and could even be associated with less desirable neighborhoods. Graffiti artists were seen as criminal above all else, and it was all but unheard of to actually commission someone to create murals on buildings. We are certainly now entering a new cultural era, with everyone from homeowners to city governments to restaurants to small businesses seeking out artists to create large-scale murals on their properties. This art adds character, charm, and beauty, and we now know that it can add monetary value as well.
New Evidence Making the Case For Street Art
A recent study analyzed photos on the online photo-sharing app Flickr for images with the tag “art” from the city of London. They specifically looked for images that had geotagged that could help confirm the location of the images. They then quantified how much public art belonged to particular neighborhoods, and compared this data to the property values in those neighborhoods. The results of this research indicated that more street art in a given neighborhood did, in fact, correlate to increased property values.
Low Up-Front Investment
As opposed to other property improvement measures, such as renovations and remodeling, adding a beautiful mural to your property is usually very low-cost in the beginning. There are many talented street artists with relatively low rates. As NBC reported, in some exceptional cases up-front investments to the tune of 200 dollars can multiply to be valued at upwards of half a million dollars as the artist gains popularity. Even barring this outlier example, adding art to a property will make it more appealing to the right buyer, and can even increase the attractiveness of the neighborhood as a whole.
No longer is street art just a product of alternative cultures, it has become a way to add beauty and charm beloved by the masses. When it comes to where consumers want to spend their time, 43% of people surveyed in Britainsaid they would rather spend their time in an area decorated with street art and murals than in a coffeehouse. This means a commercial property with art could be significantly more compelling to potential customers. The same survey found that these people were willing to spend significantly more money for a property on a street filled with colorful art. Real estate experts are in agreement: tasteful, well thought out street art makes neighborhoods and properties more attractive to buyers of residential properties and to potential customers of small businesses.
Many Considerations for the Real Estate Investor
An increasing amount of research supports the idea that street art can increase property values, and so far this is proving to be a trend with staying power. However, street art is just one factor in the slurry of influences on property values, and sometimes it takes a team of experts to help guide you through exactly how this works. When you are looking to maximize the return on your real estate investments, you can trust industry staples such as Robert Tweed. TFS Properties will help you invest smartly by connecting you with off-market properties no other agency will be able to match. Rely on professionals to help you build your real estate portfolio without the anxiety. You may not know how to find properties to invest in with higher cash flow and cap rates, but TFS Properties does. TFS Properties has the benefit of decades worth of relationships with brokers and developers to give you access to opportunities that can’t be found anywhere else. You can trust that you are in good hands given that Robert Tweedand his team of professionals not only have an unparalleled expertise of real estate and investments but that he is also a dedicated philanthropist and community leader, offering many outreach efforts including a scholarship for young people who excel in the study of economics.
Don’t wait for the property of your dreams to hit the open market after it’s value has already been inflated past the point of being profitable. For those looking to build or expand a real estate portfolio, learn to relax and enjoy the street art as the team at TFS Properties takes care of the rest.