Thinking about making the move to a new home in Richmond? Here is what Trulia.com has to say about amenities and home values:
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 can increase your home’s value too. Here are eight neighborhood and community amenities you shouldn’t overlook.
1. Hiking trails
Hiking can give you a decent cardio workout while you enjoy the great outdoors. So neighborhoods with access to hiking trails are bound to score some bonus points with house hunters. That’s how homeowner Megan Wild feels about the trails in her Carlisle, PA, neighborhood. The main trail in Wild’s neighborhood is 1.5 miles long, and she walks it frequently. “It’s fairly manageable for kids, and almost everyone with a dog walks up there,” she says, adding that it’s a “secret” perk for locals, since it’s not promoted outside the neighborhood. And it’s an amenity she appreciates. “I would value it at an additional $500 to $1,000 to a home’s sales price.”
2. Dog parks
Buyers like to purchase homes in neighborhoods with parks and green space, and will often spend more to live in communities that offer them. But Americans are also 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 like 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. “Dog parks are a huge draw, especially in urban or urban core neighborhoods where houses may have small or no yards,” says Jake Knight, a California real estate investor.
3. 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,” says Greg Stephens, chief appraiser for Metro-West Appraisal Co., a national real estate appraisal company that operates out of Detroit, MI. “Police and fire support should be local and visible,” he adds.
4. Schools
It almost goes without saying that if a neighborhood is located in a great school district, it immediately boosts a home’s resale value. “If a home is in a quality school district, those communities tend to not only retain their value, but appreciate as well,” adds Pauly. “There will always be parents who want their children attending great schools.”
5. Future amenities
Find out what upgrades your city has in store by looking online for planning documents. They should reveal what improvements are planned and when they’re scheduled to be completed. You could also call city hall to ask about future growth. Maybe there’s a streetscaping 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.
Be sure to check out the variety of amenities in Lakes of Bella Terra.
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