When buying a home, it's not just the features of the property that matter — the surrounding neighborhood amenities can also significantly influence the value of a home. Did you know that about four-in-ten households (42%) would prefer a community where "houses are smaller and closer to each other, but schools, stores, and restaurants are within walking distance"? Homebuyers often prioritize specific community features that enhance their lifestyle and provide convenience. Understanding the types of amenities that increase home value can help homeowners make informed decisions and maximize their investment. In this blog, we'll explore some essential neighborhood amenities that can positively impact property value.
Fast Facts about Amenities that Increase Home Value
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Properties near desirable parks or recreational open spaces can see an increase in value ranging from 8% to 20%.
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Walkability to schools, parks, stores, and restaurants can boost home value by $4,000 to $34,000, according to a 2009 study by CEOs for Cities.
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Homes within a 2.5-mile radius of a newly built sports stadium can experience an average increase of $2,214 in property value.
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The presence of mature trees along the street can enhance home values by up to 3%.
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35% of children aged 0-17 have access to a park or playground, a community center, a library, and walking paths.
For more on the surprising amenities that can add value to your home, check out this page.
6 Local Amenities That Increase Home Value
Walkability and Accessibility
One of the high-demand home attributes that can significantly boost property value is walkability. Homes in neighborhoods with high walkability scores are often more attractive to buyers, as they provide easy access to restaurants, parks, shops, and other essential services. Walkable communities also appeal to those looking to reduce their reliance on cars and enjoy a more active lifestyle. The convenience of walking to grocery stores, coffee shops, or recreational areas is a significant selling point. It can be a real estate value booster for properties in these areas.
Mature Trees and Green Spaces
Properties in neighborhoods with lush landscaping, mature trees, and well-maintained green spaces are more appealing to buyers looking for a serene and visually appealing environment. Mature trees provide shade, reduce energy costs, and create a natural aesthetic many homebuyers desire. Green spaces, such as parks and community gardens, also contribute to a better quality of life by offering a place to relax, exercise, and socialize. The presence of mature trees and green areas is a key property differentiator that makes a neighborhood more desirable and boosts property value.
Proximity to Retail and Essential Services
Proximity to retail stores, grocery shops, and other essential services is a real estate attractiveness factor that can drive home value appreciation. Convenient access to shopping centers, pharmacies, and dining options can be a significant advantage for homebuyers. When homes near these essential amenities, residents can save time and enjoy a more convenient lifestyle. The value of properties in neighborhoods with nearby retail and services tends to appreciate more quickly, making this a key factor for homeowners looking to maximize their return on investment.
Dog Parks and Pet-Friendly Spaces
Dog parks and pet-friendly spaces are becoming more popular as more people see their pets as family members. A dog park nearby is a desirable neighborhood feature that appeals to pet owners, offering them a place to exercise their pets, socialize, and connect with other pet lovers. Neighborhoods with dedicated dog parks or pet-friendly amenities can attract more potential buyers, especially those with pets. These investment-boosting amenities provide convenience for pet owners and contribute to a sense of community.
Highly-Rated Schools
Proximity to highly rated schools is a major factor for families, and a high-return home addition can significantly impact property value. Parents often prioritize access to quality education when selecting a home, making neighborhoods with top-rated schools more attractive. Homes located near high-performing schools tend to retain their value better and sell more quickly, making them a wise investment for homebuyers. Being within the boundary of a highly-rated school district is one of the appreciation-driving amenities that can elevate a property’s desirability and help secure a strong return on investment.
Community Activities and Events
Community activities and events are desirable features that contribute to a neighborhood's sense of community and increase home value. Neighborhoods that host regular events, such as farmers' markets, holiday celebrations, or outdoor concerts, foster a sense of belonging among residents and create an inviting atmosphere for newcomers. Living in a neighborhood that offers regular social events can make residents feel more at home and foster relationships among neighbors, which adds to the neighborhood's overall appeal and increases property value.
About Steven Shelton
If you're looking to buy or sell a home in Hancock or Washington Counties, Steven Shelton is the broker you need. With a deep understanding of the local market and a passion for the Acadia Region, Steven ensures every transaction is handled with integrity and effort. Raised in Bar Harbor and a graduate of MDI High School, Steven has a unique fondness for the beautiful coastline and Acadia National Park. Whether you're a buyer looking for your dream home or a seller wanting to promote your property effectively, Steven's dedication to meeting your needs guarantees a satisfying real estate experience.
Contact Steven Shelton for exceptional service and expertise in the Downeast area.
