It’s a good bet that certain home upgrades—the kitchen and master bathroom, in particular—will increase the value of your home. But some neighborhood features are so attractive to buyers that they also can increase your home’s value. Here, Trulia discusses eight neighborhood and community amenities that shouldn’t be overlooked.
- Hiking trails
Neighborhoods with access to hiking trails are bound to score some bonus points with house hunters, especially if the trails are fairly manageable for kids and accessible to dogs. Trails can be a great “secret” perk for locals, since they’re not promoted outside the neighborhood. Experts value it at an additional $500 to $1,000 to a home’s sales price.
- Mature trees
The desirable, well-established neighborhoods buyers love often have a thriving, lush tree canopy. The shade and character offered by older trees can add more than just aesthetics. In fact, the more natural a neighborhood is regarding trees the higher the neighborhood value is. But just how much value? Experts cite that, on average, trees in one’s front yard add 3 percent to 5 percent to the home value, and in high-income areas, neighborhood trees can increase the area’s value by up to 15 percent.
- Walkability
Often what sells a person on a home isn’t the square footage. Instead, it’s the interesting neighborhood around the home, especially if you can easily walk to small boutique businesses such as a wine bar, martini shop, cigar bar and more.
- Historic homes
Historic districts practically invite you to get out and explore your surroundings and to learn about your neighborhood’s story. Even better, historic homes also tend to increase in value more quickly than the overall local market. Concerned about the maintenance or upkeep a historic home requires? Look for a new-construction home in a historic area.
- Dog parks
Americans are spending more money than ever on their pets, and of those households, the majority are dog owners, according to the American Pet Products Association. That can make neighborhood pet amenities such as dog parks and walking trails even more desirable—even increasing nearby home values. A clean dog park with plenty of well-trained pets enjoying it can make a neighborhood look and feel friendlier.
- Retail and essentials nearby
Whether you live in an urban or rural area, convenient access to essential services and shopping is key. And it’s a factor home appraisers consider when evaluating real estate values. Within the neighborhood, homeowners should have easy access to retail services, preferably in larger retail centers with grocery anchor tenants, numerous bank branches and a variety of restaurants. Police and fire support should be local and visible.
- Future amenities
Find out what upgrades your city has in store by looking online for planning documents. These should reveal any planned improvements and when they’re scheduled to be completed. You also could call city hall to ask about future growth. Maybe there’s a streetscape plan in the works or new amenities planned for the area, or maybe you’ll find that desirable retailers such as Trader Joe’s, Whole Foods or Target are on the way, which could further boost home values once the stores are well-established.
- Organized community groups
Strong community support can provide valuable neighborhood vision (and oversight), which in turn attracts buyers. Neighborhood watch is huge, especially in neighborhoods with families and children. Keeping-the-neighborhood-clean programs also enhance the desirability of properties within the neighborhood, which equates to market demand and favorable sales prices. And although abiding by your neighborhood homeowner’s association rules might feel limiting at times, a good HOA will help maintain and enhance the value of your property.