We all know that upgraded kitchens, energy efficiencies, and spacious backyards are high on any buyer’s “want” list, but how good is the perfect home if it is in an awful location? Some neighborhood features are so attractive to buyers that they can greatly increase a home’s value.
If you are on the house hunt, look out for these features in your potential neighborhood as you search for your next home. If you are planning on listing your home soon, and it holds any of these five neighborhood features, be sure to add them to your listing!
SCHOOLS
Homebuyers with children will be looking for a house near good schools. Most parents are looking for a place they can call home for many years so that they can raise their families without the disruption of a move. 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.
WALKABILITY
How convenient is your neighborhood? If you can get to local bars, restaurants or sports arenas without even having to hop into your car, this makes your neighborhood immediately more desirable. Some of Houston’s most walkable neighborhoods consist of Montrose, the Museum District, and Midtown!
COMMUTE
For the majority of homebuyers, commuting time strongly factors into the home decision. Not only do commuting costs add up in terms of gas and car maintenance, but it also adds up at home. The extra time spent in traffic can often mean less quality time at home with family. Therefore, neighborhoods with easy commuting will hold their value much stronger than those tucked farther away.
HISTORIC CHARM
The presence of historic homes and other historic sites adds a bit of charm and value to a neighborhood. A historic home also has the tendency to rise in value quicker than other homes on the market, according to Realtor.com. Research has shown that homes in historic districts saw property values rise by 5% to 35% each decade.
NEIGHBORHOOD AMENITIES
Homeowners love neighborhood amenities like community pools, fitness facilities, parks, hiking trails, bike paths, and dog parks. Why go to a packed city pool when you can simply go to your quiet neighborhood pool just a couple of blocks away?
FLOOD FREE
This neighborhood characteristic has become more valuable after Hurricane Harvey. One of the first questions Houston homebuyers may ask is, “Did the home flood?” Homes that took in water for the first time will see their valuations drop from anywhere between 15 to 60 percent, according to a recent study. However, it is also safe to say that neighborhoods that were hot before Harvey — like West University — and were unaffected from the storm, will get even hotter.