5 Neighborhood Features That Boost Resale Value
When you’re in the market to buy a home certain factors are on the top of your list — be they large walk-in closets, a gourmet kitchen, or a private backyard. But beyond the details of the house itself, your potential new abode’s neighborhood will most likely be high on your list (location, location, location!).
Maybe it’s the community pool, the nearby biking trails, or walkability to the elementary school and grocery store. Or maybe it’s the overall curb appeal of the neighborhood… Who wouldn’t like a tree-lined street or a neighborhood bursting with inviting, colorful flowers and shrubs?
Here’s a list of the neighborhood features that not only satisfy your home-buying checklist but also boost your resale and property value in the future:
Yes, it seems as if we drive or take public transportation everywhere these days. But the truth is, there’s something about being able to walk out your front door and head down the street to the grocery store or local coffee shop that not only appeals to potential buyers but also boosts your resale value significantly. Look for “close to all” in listing details… and scope out the neighborhood to see exactly what that means.
Homeowners love neighborhood amenities. Typically, new-home communities offer pools, fitness facilities, parks and play areas. Amenities such as tennis courts, walking and biking trails, and dog parks do incredible things to boost a home’s resale value — especially for families looking to buy.
3. Historic charm
The historic character of a neighborhood tends to help resale value, as it is a feature that is difficult to replicate. Many times, historically designated districts will aim to maintain a certain level of uniformity and have community commissions to help preserve the neighborhood aesthetic, which in turn will help preserve values.
4. Unique homes
Not everyone wants to choose from the four models a builder offers — and only those four models — which is why neighborhoods that offer you the choice of semicustom or custom homes sometimes have a better resale value than ones that don’t.
Areas with custom and semicustom homes, compared to cookie-cutter production homes, tend to show larger increases in value over time. More astute buyers prefer unique homes with character that add to the charm of the neighborhood and are more likely to own for longer periods of time, creating less turnover in the neighborhood and higher value.
It almost goes without saying that if a neighborhood is located in a great school district, it immediately boosts a home’s resale value. If a home is in a quality school district, those communities tend to not only retain their value, but appreciate as well. There will always be parents who want their children attending great schools.
What neighborhood feature attracted you to your home? Sound off in Comments, on the Patrick Parker Realty Facebook or Twitter pages and don’t forget to sign up for the monthly Patrick Parker Realty eNewsletter for more articles like this delivered straight to your inbox.