Neighborhood Features that Increase Home ValuePosted 05/26/2017
It’s no secret that making improvements to your home, like upgrading the kitchen or master bathroom, will increase its value. But, many don’t realize that the features in their neighborhood can have a similar affect on their home’s value. In fact, certain neighborhood amenities will not only increase a home’s value but also help to maintain its value over time.
Here are a few neighborhood amenities that online real estate company Trulia says homebuyers should never pass up:
Hiking Trails: Hiking and biking trails are one of the most popular neighborhood amenities among house hunters – and for good reason. From cardio workouts to strolls with the family dog, nearby trails offer a number of opportunities for outdoor recreation that the whole family can enjoy. Typically, trails can also be connected to attractive green belts or lead to other neighborhood amenities like parks, ponds and golf courses.
Walkability: Living within walking distance of small boutique businesses has many benefits beyond the simple convenience of having local restaurants or shops just around the corner. According to the National Development and Reform Commission (NDRC), residents who live in a walkable neighborhood are much healthier because they are more likely to stay active. In fact, for every local shop, residents’ physical activity increased by five to six minutes of walking per week. Walkable neighborhoods are also better for the environment, as the need for driving vehicles is greatly reduced.
Retail and essentials: Living near large retail centers with grocery anchor tenants, banks and a variety of dining and entertainment options is a key factor that home appraisers look for when considering the value of a home. The more essential services nearby, the greater the home is valued.
Future Amenities: A simple call to city hall can help you determine what sort of amenities are planned for the near future in a particular area. Perhaps the city has scheduled street improvements or knows which retailers or employers are planning on entering the area. Even if one major employer decided to build an office or employment center near the neighborhood, home values could dramatically improve.
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