LOCAL AMENITIES THAT INCREASE PROPERTY VALUE
When it comes to real estate, location isn’t just a buzzword; it’s a powerful factor that can significantly impact property value. While many factors influence the market value of a home, proximity to various amenities can significantly impact its value and how well it will retain it if the market ever declines.
Here are some local amenities to look out for when house hunting:
1. Grocery stores & shopping
Living near a grocery store isn’t only a matter of convenience for homeowners but can also significantly impact equity and home values. A recent study showed that homes located near a Trader Joe’s, Whole Foods, or Aldi had an average 5-year home price appreciation of 50%.
2. Outdoor recreation
Several studies have found that living in close proximity to outdoor recreation, such as the beach, trails, and parks generally boost home prices by 8% to 20%.
3. Public transportation
Living near public transportation can increase your property value depending on where you live. For many, having quick and easy access to major highways is important to their daily commute. One study found that homes within a half-mile of public transportation services had higher home values than homes farther away.
Remember, it’s not just about the four walls of a house — it’s about the lifestyle the surrounding area offers.