How to Determine the Value of a Tree on Your Property: 8 Critical Factors (Part 1)
Trees boost the economic value of one’s property. The right tree planted in the right spot makes a big difference to your home and property’s value. That difference often goes well beyond the initial cost of the tree. Research by the Arbor Day Foundation, in fact, shows that planting a good-sized tree increases property values from 3% to 15%.
RITree’s recent inventory of forests in six Rhode Island urban communities—Cranston, Johnston, North Providence, Warren, Warwick, and Woonsocket—found that an average tree provides over $108 in annual value, including:
- $42 in energy savings
- $40 in aesthetic value
- $11 storm water control
That’s a great return on your investment. Over ten years, the return adds up considerably. The tree’s return compares favorably, for instance, to the return provided by planting a public tree. A mature tree in its 20th year after planting provides $96 in benefits and only costs $36 for an annual net benefit of $60.
Maples, oaks, lindens, and tulip trees are good choices for local homeowners from an economic standpoint. Magnolias, ornamental cherry, and citrus trees are also good choices for trees. Deciduous trees, meanwhile, are great for suburban gardens. They let light in autumn and winter.
While these trees add value to your property, only some are well-suited for certain sites. Some non-economic considerations when selecting a tree for your property are:
- Tree form and size
- Tree placement
- Growing conditions
- Soil conditions
- Clearance for sidewalks
- Clearance for driveways
- Function of the tree
- Exposure to sun and wind
These are critical factors you need to consider when buying a tree for your property. They are good to know, but buying a tree can still be confusing. That’s why it helps to consult someone knowledgeable about trees when buying one for your yard or property.
If you want to calculate the economic benefit provided by s single tree in any landscape, go to the MyTree website at: https://mytree.itreetools.org.
Need help with buying the right tree for your home or property? Contact RI Tree at (401) 764-5885. We’ll help you choose a tree that makes sense for you and your budget.