4 Hidden Signs Your Home’s Value Is Increasing
Location, location, location.
This term is often used to describe what makes a home desirable and, by extension, valuable. Building features may make a property attractive to buyers, but it’s the environment that makes people really want to live there – and pay a high premium to do so.
Want to know if your home is secretly growing because the neighborhood is developing? These are some of the signs of legends.
New infrastructure projects
These projects can include new roads or highways, more green spaces such as parks and playgrounds, and improvements to public utilities such as sewer lines and power grids. Well-planned and executed improvements to existing infrastructure are a sign of economic growth that will attract more businesses and people to the area, increasing local values.
How to see: Check your local newspaper for new project announcements. You can also go to your local government’s city planning department’s website and search for planned capital developments.
New business benefits
Often at the heart of revitalization projects, government incentives designed to attract new businesses are another indicator of economic growth. Cities and towns that offer many retail, dining and entertainment options are very attractive to prospective buyers. Homes within easy reach of these services tend to command a higher price than those requiring a long commute.
How to see: Check your city’s economic development office website for new incentives that may be in the works. These programs are often mentioned in the news, so keep checking for updates.
School development
Investments in local schools that improve the quality of education, such as improved facilities, modern equipment and new technology, are another sign of the area’s growth. Proximity to high-quality schools is highly valued by families with school-going children, leading to higher home prices in those areas.
How to see: Your local newspaper will often include important news about school changes and developments. You can also talk to parents whose children attend these schools to get feedback. You may have luck with local Facebook groups that have access to this information.
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Community involvement
Neighborhoods where homeowners actively maintain their properties and the surrounding areas are highly desirable to new buyers. Organized activities such as community gardens and neighborhood watch programs reflect a sense of homeowner pride that drives many buyers who want to raise a family in a safe environment — and are willing to pay more for it.
How to see: Some neighborhoods have a community newsletter or online discussion group covering local events, so consider subscribing or joining to stay in touch with the latest news.
