We all know that making improvements and upgrades to your home will increase its value. But, what many may not realize is there’s other factors involved too. Don’t put all your home value appreciation eggs in one basket!
You’ve heard the classic real estate phrase—”location, location, location.” Well, some neighborhood and location features are so attractive to homebuyers that they can actually increase your home’s value and help to maintain it over time.
There’s a lot involved when it comes to neighborhood features. It’s more than just whether or not a home has a view or is near the waterfront. It’s what’s nearby and how it may change in the future. It’s natural life and nearest public transportation. It’s everything about the location—the good, the bad, and everything in between.
These are the top 5 neighborhood features that could potentially increase your home value. How do yours add up?
Being able to step out your front door and walk or bike down the street to the grocery store, coffee shop, or local eatery is extremely desirable—especially for millennials. If a new restaurant or store opens in a walkable neighborhood, it could increase the value of your property, especially in urban areas where walk score is incredibly important.
2. Neighborhood amenities
Homeowners love neighborhood amenities like community pools, fitness facilities, parks, hiking trails, dog parks, etc. If your home is in an area with these kinds of spaces, it can really boost its value. It depends on the particular area to determine which amenity in particular is most sought after.
While it kind of goes without saying, a home in a quality school district is immediately going to have a higher value. There’s always going to be new parents who want their children to attend great schools, simple as that.
4. Historic Charm
Homes in historic districts tend to increase in value quickly compared to the overall local market. Why? Well, they’re inviting and surrounded by things to explore and learn. Plus, they’re usually very walkable and super charming!
Since so many developers cut down large, older trees and plant new ones, the neighborhoods with lush tree canopy tend to be more rare and therefore, more attractive to buyers. Obviously they add aesthetic appeal, but they also add shade, character, and up to 15% increase in home value. Keep those trees!
When you consider your home’s resale value, you may not typically think about the neighborhood features. But, remember, it’s all about location. What good is the perfect home if it’s in an awful location? The above features not only satisfy your home-buying checklist, but also boost your resale and property value in the future.