6 Neighborhood Features That Boost Home Resale Value
Neighborhood features you should keep in mind when buying a home. The home resale value is greatly impacted by a home’s location and its surrounding neighborhood. Along with the size of the home and the number of bedrooms and baths, location is one of the most important factors that will determine home resale value.
In general, the demands of home buyers determine the degree of desirability of a neighborhood. It’s understandable that buyers are particular with their demands since their new home is likely to be a place they reside for several years and the place they will raise their families. For those with kids, schools and safety might be on the top of the list when choosing a neighborhood and home. On the other hand, retirees might prefer high score walkability with ease of access to shops and restaurants. Still others may prefer to live in a neighborhood closer to their work to save on commute time.
Overall, surveyed home buyers agreed that the six most important characteristics in a neighborhood when choosing to buy a home are: walkability, commute, amenities, historic charm, unique homes, and schools.
Walkability. We may drive and take public forms of transportation for most of our excursions these days, but the truth is that we rather not have to. Because we already spend so much time commuting to work each day, home buyers like the option of not having to get in their car at all to make a grocery run. It’s refreshing to be able to walk out of your front door and be able to pick up a coffee and quite literally “run” a few errands. Not only is it convenient but it’s a fun way to keep kids entertained. Taking out the bikes or scooters to run a normally mundane errand suddenly becomes an adventure to them. Walkability is an appealing feature that will boost home resale value significantly.
Commute. For the majority of homebuyers, commuting time and access to public transportation factor strongly into the decision to choose a home. Not only do commuting costs add up in terms of gasoline and car maintenance, but it also adds up at home. The extra time spent in traffic means less quality time at home with family. As such, neighborhoods with easy commuting will hold their value much stronger than those tucked farther away.
Amenities. Neighborhood amenities do wonders to boost a home’s resale value. Home buyers love having exclusive features. Pools, fitness facilities, parks, secured gates, tennis courts and more are all highly valued. Why go to a packed city run pool when you can simply go to your quiet neighborhood pool just a couple of blocks away?
Historic Charm. Nothing beats living in a neighborhood with great character and local history. Neighborhoods radiating with personality and historic charm have a certain appeal that makes everything seem safer, warmer, and friendlier. It’s definitely a feature that helps preserve home values.
Unique Homes. State-of-the-art builder homes are quickly becoming the norm in some places, but not everyone wants a production house that looks exactly like their neighbors home two doors down. Upgraded features and high tech gadgets are appreciated, but “cookie-cutter” homes are not what a home buyer is looking for these days. Neighborhoods that have more custom homes with unique traits will more often than not see less turnover and higher home values.
Schools. One of the most important factors for home buyers when choosing a home is to find a neighborhood that is located in a great school district. If a home is located in an award winning school district with high test scores and college attendance rates, homes will not only retain their value but will appreciate higher in price over time. Moreover, you get to invest in the home rather than in the high cost of private schools.
Mona Koussa is a local east bay broker and a resident for the past 35 years with intimate knowledge of the local real estate, neighborhoods and schools. If you’re looking for a neighborhood that will provide you the lifestyle you deserve, Call Mona today.
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