Often when thinking about a home’s value, we consider amenities specific to the home itself. However, the attributes that exist in the area around your home can also affect how much it is worth. Certain neighborhood features can increase your home’s value due to the fact that they are qualities that are coveted by buyers.
Of course, the potential to increase a home’s value isn’t the only reason we look for certain characteristics in a neighborhood—as homeowners, you would like a neighborhood that is pleasant to live in—but it certainly doesn’t hurt. If you are looking to purchase a home, pay attention to these neighborhood features that can increase your home’s value.
- Natural amenities. This category encompasses a variety of value-increasing elements including mature trees, hiking trails, neighborhood parks, water features and more. In terms of trees, larger, established trees are a sign of a longstanding neighborhood that appears attractive to buyers over new developments for which trees were torn down. In addition, any opportunity for a neighborhood’s residents to enjoy being outside via hiking through the woods, strolling along a pond or taking their dog for a walk through the park proves inviting.
- Recreational luxuries. Community pools, clubhouses and playgrounds are at the top of many home buyers’ want lists. These shared features generate a sense of community among neighbors and prompt people to enjoy their living space beyond the walls of their homes.
- Sidewalks and walkability. Can you walk from your house to your neighborhood pool without ever stepping foot on the road? Are you able to leave the car at home and take a walk to a local coffee shop or boutique? “Yes” answers to these questions likely mean that your home has a value advantage over similarly priced homes that do not have good walkability. Many people want to have the option of walking or driving and will pay to get it.
- Proximity to retail. Along the same lines, whether you live in town or a little farther out, closeness to necessities like grocery stores, gas stations and other types of retail is key to your home’s value—even if you do have to drive. Appraisers consider proximity to retail when determining real estate values.
- Historic structures. Some historic communities have nearly all of the above rolled into one. People seek out the character and charm that neighborhoods that house historic homes and that are close to historic commercial structures provide. These neighborhoods typically have a story to tell and can help increase your home’s value.
The next time you are shopping for a home, make sure to consider the big picture by taking the entirety of your surroundings into account. In addition to the structure you call home, your neighborhood itself is part of your home as well.
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