The home you buy will likely be one of your most significant investments. Beyond the property itself, the surrounding neighborhood plays a vital role in determining its value and your overall enjoyment of the place you live. Did you know that about four-in-ten households (42%) would prefer a community where “houses are smaller and closer to each other, but schools, stores, and restaurants are within walking distance”?
Certain amenities that increase home value can significantly enhance your quality of life and attract potential buyers down the road. This blog explores key factors that increase home value, helping you make informed decisions when choosing a place to call home.
Fast Facts About Amenities That Increase Home Value
- Homes near desirable parks or recreational open spaces can see an 8-20% increase in property value.
- Proximity to schools, parks, stores, and restaurants can enhance your home’s value by $4,000 to $34,000, according to a 2009 CEOs for Cities study.
- The construction of a new sports stadium can boost property values within a 2.5-mile radius by an average of $2,214.
- Streets lined with mature trees can increase home values by approximately 3%.
- About 35.5% of children aged 0-17 have access to essential amenities like parks, playgrounds, recreation centers, community clubs, libraries, and walking paths.
7 Amenities That Increase Home Value
When considering a property purchase in Tampa, it's essential to look beyond the home and evaluate the surrounding neighborhood and its amenities. These factors significantly determine property value and can make a neighborhood more desirable for buyers. Here are some essential amenities that increase home value and enhance the appeal of Tampa real estate.
Walkability
Walkability is a significant property value enhancer in Tampa. Walking to schools, parks, stores, and restaurants promotes a healthier lifestyle and significantly boosts a home's market value. Tampa neighborhoods like Hyde Park and Seminole Heights are known for their walkable streets, making daily errands convenient and enjoyable. Homes in walkable neighborhoods often command higher prices due to the convenience and accessibility they offer. Walkability is a high-demand home attribute that appeals to many buyers looking for easy access to daily essentials.
Mature Trees
Mature trees add a sense of beauty and tranquility to any neighborhood, making them a desirable home extra. In Tampa, areas like Bayshore Beautiful and Palma Ceia are known for their tree-lined streets, which provide shade, improve air quality, and contribute to the overall aesthetic appeal of a property. Streets with mature trees are considered premium property additions and can increase home values by about 3%. This appreciation-driving amenity also contributes to lower energy costs by providing natural cooling during the summer, a significant advantage in Tampa's warm climate.
Dog Parks
For pet owners, dog parks are a crucial property differentiator. In Tampa, popular dog parks like Davis Islands Dog Beach and Al Lopez Park offer dedicated spaces for dogs to play and socialize, enhancing community appeal. Dog parks are an excellent example of investment-boosting amenities, attracting potential buyers who prioritize pet-friendly environments. This real estate value booster makes neighborhoods more attractive to families with pets, increasing property demand and overall home value.
Proximity to Retail and Essentials
Being close to retail stores and essential services is a prominent upscale feature of real estate in Tampa. Neighborhoods like Westshore and South Tampa offer proximity to shopping centers, grocery stores, and healthcare facilities, making them highly desirable. This convenience is a key selling point for buyers looking for easy access to daily necessities, making it a high-return home addition that adds considerable value.
Resort-Style Amenities
In Tampa, resort-style amenities such as pools, fitness centers, and clubhouses are highly sought-after home upgrades. Communities like Waterchase and Grand Hampton offer these luxury inclusions, providing a high-end living experience that attracts buyers looking for comfort and enjoyment. Such amenities are real estate attractiveness factors that can set a neighborhood apart, making properties in these areas more desirable and potentially driving up their market values. Resort-style amenities are key home selling points in Tampa's competitive real estate market.
Highly-Rated Schools
Proximity to highly-rated schools is one of the most significant property value enhancers in Tampa. Families prioritize education, and being close to top-performing schools like Plant High School or Grady Elementary is a desirable feature of upscale real estate. This desirable neighborhood feature can substantially increase a property's value, as homes in good school districts are always in high demand. Highly-rated schools are an investment-boosting amenity that ensures strong future appreciation and broad market appeal, making them a crucial consideration for buyers in Tampa.
Future Developments
Planned future developments can significantly impact property values in a neighborhood. In Tampa, areas undergoing new infrastructure projects, commercial developments, and residential expansions indicate growth and progress. For example, the Water Street Tampa project is expected to transform the downtown area, attracting new businesses and residents. Buyers are often attracted to areas with promising future developments, as they suggest the potential for appreciation and improved amenities. Keeping an eye on planned developments can help identify Tampa neighborhoods with strong investment potential.
About Joe Lewkowicz
Ready to navigate the Tampa real estate market with ease? Look no further than Joe Lewkowicz. With over 40 years of experience, Joe is a leading figure in the Tampa Bay area, covering Hillsborough, Pinellas, and Pasco Counties. Known for exceptional customer service, attention to detail, and market expertise, Joe ensures top-dollar value for your home. Joe’s impressive track record includes thousands of homes sold, numerous awards, and a prominent market share in North Tampa.
If you’re looking to buy or sell a home or have any questions about the Tampa real estate market, contact Joe Lewkowicz today.
