Interesting Locations That Can Increase Your Home's Value
You've heard that location is everything when it comes to real estate. But if you're in the process of searching for that perfect home or are just getting settled in, you may be interested in how your property's spot can affect you and your bank account. Here are seven interesting locations that can increase the value of your home.
Fancy Grocery Stores
Shopping at high-end grocery stores that offer organic and non-GMO food options may benefit your health, but you don't even have to shop there in order to reap the financial rewards. You just have to live close by.
Between 1997 and 2014, Zillow followed homes that were in close proximity to both Trader Joe's and Whole Foods and found that they appreciated in value much faster than other homes. In fact, by the end of their study in 2014, they concluded that homes within a mile of the two stores had a value more than double that of the average U.S. home.
And guess what? Your home could retain its value, even if the store closes for good. For example, the average home in Austin, Texas, has a median value of $290,300. But a 2-bedroom, 2-bath condo right up the street from a Goodwill store that was once a Whole Foods is valued at almost $900,000.
Coffee Shops
Like the high-end grocery stores, a certain coffee shop chain that's become a household name (it's Starbucks in case you were wondering) can make your home's value jump by up to 96%. So if your home is situated within 1/4-mile of the establishment, you can have your coffee and drink it too.
Lakes
There are certainly a lot of things to consider when it comes to buying a house on a lake. But if you've done the research and decided that you just can't imagine a life without water skis and boats, you'll be glad to know that your investment could potentially be more stable than if you bought a non-lake home.
Translation? Homes on lakes tend to hold their value better than other homes. In fact, the real-estate market could be dropping while your lake home continues to appreciate in value.
The Ocean
Most people know that homes near the coast tend to be highly sought after and more expensive. But did you know that living within one mile of a surf break can add over $100,000 to the value of your home? So break out the surfboard, hit the waves, and feel great about your investment.
Sports Arenas
If you've been trying to talk the wife into living near that new football stadium that's supposed to be built, but you haven't quite won her over, here's your chance at scoring the winning touchdown. Homes that are located within 2.5 miles of any new professional sports stadium can expect to increase in value by around $2,214.
But here's the kicker: the value will decrease slightly while the stadium is being constructed, so this is the time to buy. Once the project is finished, you'll be able to enjoy those games as well as a higher return on your investment.
Supercenter Stores
While the proximity won't make you rich, you might be interested in knowing that living within a mile of a Walmart could net you a 1%–2% boost on your real-estate investment.
Community Garden
If you've always dreamed of creating a common place where the residents in your neighborhood could come together and garden for fun, you'll be thrilled when you hear that if you're within 1000 feet of the garden, your home could increase in value by almost 10% over the next five years. Neighborhoods that are poor will reap the biggest rewards from this.
Organizing and planning a community garden is a community effort. But it's good to know that you don't have to do it alone; funding and support can come from organizations, churches, schools, and other parties who can help sponsor the project by "purchasing" areas of soil.
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