December 10th, 2023
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 was great to work with on the purchase of our poultry farm. He provides a wealth of knowledge and we were completely blown away with how resourceful he was. Anytime an issue came up or we were worried about something, he had an answer. He is direct, kept us updated, and made it an enjoyable purchase.
Eddie P.❉April 27th, 2020
Billy contacted me one day and said he had found my way into the poultry business. I had never used a realtor before so this was all new to me. He was very helpful with every question I had. He made sure I was stress free every step of the way, always made sure I had everything done that needed to be so that we were always a step ahead, and always informed me of things to be done that I didn't know about. I would highly recommend using Bill Sutton as your realtor.
Dylan P.❉April 22nd, 2020
A very trustworthy and professional agent. I would definitely recommend him.
Brett D.❉March 9th, 2020
Billy was a fantastic realtor. Being a first time home buyer I was a little stressed and nervous, however, Billy made it stress free and was always wiling to come whenever I needed to show me a house, or answer a phone call to explain something to me. I would definitely recommend Billy to anyone that is buying a house, first time, or fifth time!
Patrick C.❉March 6th, 2020
It was great working with Billy, He is very dedicated to his clients and will go out of his way to satisfy your needs. So if your looking for a hard working realtor Billy is your guy!!!!!
David W.❉November 1st, 2019
If i could give 10 stars I would. Billy was a perfect fit for us. He is a true professional and was very understanding of our concerns. Billy was a great listener. He was with us the entire way. You can call him anytime with question and you will get a very prompt answer. We will definitely use Billy in the future with any real estate needs that might arise. You cannot go wrong with Billy.
Dave K.❉October 26th, 2019
I've heard horror stories over the years in regards to realtors, I guess those people didn't have the right realtor because Billy Sutton did an amazing job, I was looking at houses 2 1/2 hours apart and one way or another he would always show up full of energy and full of knowledge. It's been two years and we still communicate with one another and I recommend him 100%
Jorge V.❉October 9th, 2019
Billy was a pleasure to work with. He's knowledgeable, hard working, and sold my home quickly for a great price. I highly recommend!
Andrew M.❉October 2nd, 2019
Billy is a very knowledgeable real estate agent. If you have a home to sell, give him a call.
Patricia S.❉October 1st, 2019
Billy is incredibly knowledgeable in real estate and talked me through every step of the home buying process for my first home. I went into the process well informed and confident in my decision to buy, and would recommend Billy to anybody looking to purchase a home.
Nick M.❉September 29th, 2019
Lacey is an amazing person she listens to what you want in your dream home and takes the time to find the home that is perfect for you and your family. I totally recommend her to anyone.
Tanya C.❉April 17th, 2020
Lacey was a amazing realtor she worked tirelessly to find us a house that our family would love and she knocked it out of the park. Thank you so much for the hard work you put in.
Larry G.❉March 6th, 2020
I couldn't of asked for a better person helping us with our home! She's highly professional and made sure we found our dream home. Lacey always made time for us as clients and worked so hard to make everything go as smoothly as possible.
Stephanie D.❉March 5th, 2020
Lacey is amazing! She is so patient, understanding, honest and fair! She is everything you would want in a realtor but rarely find. The home buying and selling is a whole process that can be overwhelming and almost impossible if you don't have the right person on your side. She is so caring and pays attention to details you couldn't ask for anyone better to be there with you as you make such an important decision.
Cassi P.❉September 25th, 2019
I have known Lacey for over 15 years. She is one of the most detail oriented and hardworking people I know. I have watched her help people and over again!! I would recommend her to anyone!
Amanda B.❉September 25th, 2019
Whether you’re selling or buying a home for the first time or the tenth time, we’re here to help the process go as smoothly and quickly as possible. Just let us know your real estate goals and we’ll make them happen.
We’d be happy to discuss your home for sale and answer any questions you may have about buying or selling homes in Maryland. Drop us a line or fill out the contact form today – we look forward to getting to know you!