There are many different pieces to the home value puzzle, most of which are widely known. However, there are lesser-known factors that can have a big impact on home value. Let’s take a look at the top 3:
- Good Schools
Homebuyers feel very strongly about the education of their children or future children. In a highly-rated school district, you’ll see higher-priced homes and higher demand for those homes. In fact, your school district is so important, that studies suggest that people pay an average of $50 more per square foot for homes in top-rated school districts.
For every $1 on school funding, property values increase by around $20. There is no denying that your school district and home values are directly linked.
- Fiscal Responsibility
Taxes are the financial backbone of local governments and are a significant local revenue source for financing K-12 education, police and fire departments, parks, and other services. These kinds of services are what draw people to neighborhoods. No one wants to move onto a block full of potholes, not a decent park around, and MIA civil servants. Taxes are a very important thing to weigh when it comes to buying a home. Of course, we all want lower taxes, but at what cost to our neighborhood?
- Solid Civil Structure
Businesses want to move into a thriving neighborhood where they will be in demand. This brings job growth and an improved economy. However, municipalities can crush the developmental and investment spirit on a whim. Businesses do not want to move into neighborhoods with excessive bureaucratic red tape. Think about your local restaurants, gas stations, and even a Dunkin’ Donuts or an Amazon warehouse. If these businesses are not wanting to operate in your city, it will greatly impact your overall quality of life as well as impact property values. Keep in mind, that those same companies spend millions of dollars tracking all of these trends and will only invest in growth areas. Therefore, if you see big corporations coming in, that means they’ve done their research. Plus, you get the rewards of a Mocha Latte from your local Starbucks.
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