Most people know the benefits of upgrading their home’s interior and exterior when looking to increase the value of the property, but you may be surprised to find out that these neighborhood features can impact your home’s worth.
Hiking trails (and dog parks!) add some serious value to your home’s worth. Homeowners and buyers alike love easy access to outdoor spaces.
With a Walk Score of 78, Chicago is one of the most walkable cities in the United States. Being able to accomplish daily errands by foot (or by bike and public transits) is a major perk.
Some of the most desirable neighborhoods have the thriving natural landscape that buyers are looking for. In fact, a survey from the University of Washington found that on average, trees in a home’s front yard added 3% to 5% to a home’s value.
According to the National Trust for Historic Preservation, historic homes tend to increase the value of neighborhoods more quickly than the overall local market. Often located in walkable communities, historic districts boast plenty of charm and neighborhood charm.
Retail & Essentials
No matter where you live, easily accessible retail and essential services are key. These services are also a factor home appraisers consider when evaluating real estate values!
Strong Community Support
Organized community groups provide an added neighborhood bonus, making these areas attractive to buyers. Neighborhood watches, homeowner’s associations, and other community programs enhance the area which can result in favorable sales prices.
Knowing what upgrades are in the works for your neighborhood could further boost home values. Improvements to area infrastructure, highly desirable retailers on the way, or new amenities are advantageous to future home sales.
Proximity to Starbucks
Believe it or not, a 2015 report found that between 1997 and 2014, homes within a quarter-mile of a Starbucks increased in value by 96% on average, compared to 65% for all United States homes. The data also showed that homes near a Dunkin’ Donuts location appreciated 80% on average during the same period.