Neighborhood features that enhance the value of a property

Neighborhood features that enhance the value of a property

June 12th, 2024

Neighborhood features that enhance the value of a property

Putting a property up for sale in the Maryland real estate market is not so easy, especially during tough times. Property values are not determined by just the house features or curb appeal alone. Providing a variety of amenities might help in increasing the property value. 

Over and above all this, there are other factors like the characteristics of the surrounding area or community that play a pivotal role in the house price.

Neighborhood features that will cause a definite increase in property values

Real estate agents put forth the following benefits of a neighborhood to potential homebuyers. These features may increase the property value by thousands of dollars if they are projected rightly.

Green Spaces

Imagine, if the entire neighborhood being surrounded by dozens of trees that release tons of oxygen that we inhale. This not only enhances the curb appeal of the house but has enormous environmental benefits too.

Outdoor spaces like gardens and parks surround the neighborhood. These parks are great for physical activities like walking, jogging, biking, etc. Other recreational activities like camping, picnicking, pet walking, etc. too can be conducted here. 

If your property is adjacent to these city parks, it can utilize the benefits of parks fully and gain extra sales value too.

Locational advantage

The location of your house causes a definite increase in property values. Being close to train and bus stations, shopping malls, markets, etc. greatly increases housing costs. 

A home in the heart of the city is what everyone yearns for and preferably a lovely house in an affluent class neighborhood. Being close to business owners also increases the economic activity in a neighborhood, thus escalating the house value.

Suburbs and rural areas are ideal for families and low-income residents who cannot afford the high home prices within the city and don't need to commute long distances or work from home.

Apart from this, some median family owners look for the walkability score of that neighborhood. This score is nothing but the measure of the availability of services at walkable distance from your home in that area. If you can just walk up to a mall, a school, or restaurants nearby, that would be a definite locational advantage of that area.

Community Amenities

Having a house in an area with community amenities like community playgrounds, walking areas, gyms, swimming pools, etc. is a boon. Access to all these amenities can increase the home value multifold.

Type of residents

The value of your home is greatly influenced by the nature of its incumbent residents. Gentrifying neighborhoods fetch more value than low-income neighborhoods. Some neighborhoods might fetch more money than others based on income, age or other demographics.

Economic benefits

Houses in gated communities have great economic benefits through certain facilities they offer. Like solar energy systems, for your indoor and outdoor lighting, for instance. These can really cut down on your energy bills. Others may offer clubs with dining facilities and 24-hour patrolled security.

Family incomes

The income of the families in that neighborhood decides the house value to a great extent. Families with median family income live in affordable homes. The housing market is flooded with many such houses that are sought after by low and moderate-income homebuyers.

Safety 

However great the aesthetic appeal of the house may be if your home is not in a safe area, would you live in it? The safety risks of an area are determined by the crime rate in that location. 

Futuristic development

If your neighborhood is in the process of urban renewal, this would more likely cause an average increase of at least 10-20% in your home value. Homeowners find that there is a substantial increase in every square footage they won if the property is in a developing or upcoming area.

Neighborhood Homes Tax Credit

The Neighborhood Homes Investment Act (NHIA) qualifies certain neighborhoods in Maryland for neighborhood revitalization. These areas have a federal tax deduction on your income to help you better gain better value for your home. Some low-income neighborhoods greatly benefit from this tax credit. If your home is in such a locality, you stand to gain too. Property values can scale higher in areas with this neighborhood tax credit

More than the physical characteristics of your home, the features of its surrounding community are the factors that hike its price and value. Affordable housing, availability of services, and tax credits-all these are the additional features that your neighborhood can render to your home value. 

Take the help of a seasoned housing expert like Billy Sutton of Coldwell Banker Real Estate Chesapeake to buy or build your home in a neighborhood with the above attractive advantages.

Contact Billy Sutton today at (443) 480-2447 or the office at(410) 778-0330.

Billy Sutton

Billy Sutton is a dynamic real estate professional at Coldwell Banker Chesapeake Real Estate in Chestertown, Maryland. With a deep-seated understanding of the local market, Billy has carved a niche in Kent and Queen Anne's counties, known for his exceptional negotiating skills, innovative marketing strategies, and problem-solving abilities. His expertise spans a wide range of properties, including residential homes, waterfront properties, and farmlands. Holding a Bachelor's degree in Agriculture, Billy brings a unique perspective to the agricultural real estate market. Outside of his professional life, he is an avid sports enthusiast and enjoys outdoor activities. His deep roots in the community and commitment to his clients make him a reliable and trusted advisor in the real estate sector.

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