Did you know that living next to one of America’s favorite coffee shops might help you as a homeowner? Zillow, the real estate database company, recently shared research showing that homes within a quarter mile of a Starbucks have higher (and faster-rising) values than those farther away.
While this might be a welcome surprise for homeowners looking to sell in the future, being close to a Starbucks isn’t the only factor that can increase the value of your home! Here, we listed some of the most impactful characteristics of higher-price homes:
Location: Here’s an obvious one—everyone involved in the process of home buying and selling has heard the term “location, location, location” at least a few times! While you can’t change the location of your home, you still want to remember that the home prices in your area may be higher or lower than prices in nearby cities, even for similar homes.
If you are looking to buy a home, investing in an up-and-coming area or a well-established, desirable location may be worth the extra money upfront. Situating yourself in a great location will not only improve your quality of living, but will make selling easier down the line!
Schools: There’s often a chicken-or-the-egg debate when it comes to the relationship between good schools and more expensive homes: are the schools better because the neighborhood is wealthier, or do folks with more money to spend while home-buying pick already well-established schools? Well, it could be a bit of both! But keep this in mind: home-shoppers with kids often search for their new abode with school district boundaries in line, and look for homes within that district. You may have even done it yourself! You can’t deny the power of consumer preference in the price of your home.
Layout: Wherever you live, the layout of your home definitely affects potential buyers’ first impressions and likeliness to dish out more money for the sale. While buyers can change the things they don’t like later on, they won’t want to pay a premium for a home that is awkward in layout. This is something you can change before putting your home on the market—while the process of taking down or putting up walls can be expensive and time-consuming, it pays for itself when your home can stack up against the higher-priced homes in your area.
Neighbors: Your neighbors with similar homes to yours have a greater effect on the price of your own home than do homes in nearby cities or counties—keep an eye on them! If your neighbors’ homes are selling well, and yours is up to par, it can definitely up the price you can expect for your own.
Features: You will receive more offers on a higher-priced home if the features inside match those of your neighbors asking similar prices. Switching out old appliances for new ones, updating hardware and preemptively taking care of those things you know need replacements or repair are the best and surest ways to make that happen.
Jobs: The success (or lack thereof) of the job market in your area can affect the price of your home—people want to move where they know they can work and thrive, so selling in these positive-trending areas may prove more successful for you.
Amenities: Having a pool or access to nearby parks, shops and restaurants (or Starbucks!) can increase the value of your home. Buyers want to know they’re moving into a livable home, and that also includes what there is to do on nights and weekends!