It’s no secret that the location of your home directly impacts its value. In cities, where neighborhoods can dramatically change in a short period of time, this is perhaps more true than any other setting. While it’s always encouraging to see a revitalized district generate a buzz and see increased prices, it’s important to identify what makes an area desirable before investing your money in property there. Here are a few amenities that are proven to bring value to urban neighborhoods.
Transportation
Sure, you probably don’t want to be living across the street from the airport, but having easy access to city transit is a highly sought-after feature. This is especially true for anyone who appreciates the simplicity of not having to drive (and park!) everywhere in the city. Generally speaking, home values only go up the closer you get to transit stops.
Retail Areas
Being within walking distance of boutique shops and upscale restaurants is always a good sign, but there are also specific businesses that can boost property values. For instance, studies have shown that being in the same zip code of businesses like Whole Foods, Trader Joe’s and Starbucks can cause home prices to appreciate faster.
Schools
While businesses may come and go, schools are enduring. Any buyer looking to start a family wants to be in a neighborhood with reputable schools, but even if you don’t have children, they can be a helpful indicator of value. In fact, a 2018 report from the National Bureau of Economic Research suggested that increased spending in school districts can raise housing prices.
Green Spaces
You don’t know the true value of parks and walking trails until you’ve spent time living in a city, because proximity to green spaces is always an effective antidote when the daily grind starts to take a toll on you. Parks can be great for running around and exercising, but they also serve to host community events, like festivals and farmers markets.
