Buying? These nearby amenities may increase your home value faster

Key insights:

• Your go-to grocery store may carry your favorite hummus and boost your home value, too!
• Take advantage of living by green spaces. Not only will you enjoy the nearby nature, but parks can also increase the value of your property.
• Communities with nearby amenities are in high demand; check a property’s WalkScore to see if it is in close proximity to spaces that can drive up home values.

When buying a home, you’ll ask yourself plenty of questions about the property itself. During your home search, be sure to also inquire about the community and surrounding area.

Parks, local shops and other nearby amenities could be an indicator of an up-and-coming area where home prices may rise faster. Here are some insights you can use as you browse for a home that is projected to increase in value.

Buy near these three grocery stores

Would you have guessed that the grocery store nearest to your home has an impact on a home’s price and desirability? It’s true; grocery stores seem to affect the value of nearby homes.

When comparing popular grocery stores like Trader Joe’s, Whole Foods and Aldi, proximity to Trader Joe’s has shown to be the best for homeowners, and Whole Foods is a close second. Homes located near Trader Joe’s and Whole Foods stores tend to have better returns on investment and buyers of homes close to the stores tend to have more equity in their property.

Interestingly, investors interested in purchasing rental properties may benefit more from a home near Aldi. The average flipping return on investment and home appreciation are highest near Aldi locations.

Nearby parks and trails may increase home values

Research indicates proximity to parks is also linked to an increased home value. Whether a home is adjacent to a hiking trail or in a community with plenty of green space, homeowners in the area will likely see a positive impact in the appreciation of their home value.

For example, a park next to or facing a home will boost property value by 20%, on average. And, home lots bordering suburban wooded areas tend to be 19% to 35% higher in value.

The impact of public transportation

As green homes and other sustainable practices are increasing in popularity, transit access has become an important factor for homebuyers. Interestingly, a Twin Cities study shows home prices up 24% when located within a half-mile of public transport. During that same time, prices for all properties grew 20%.

Coffee shops and other local retailers impact property prices

Proximity to conveniences is another major asset to homeowners, especially when it comes to coffee. Whether you’re a daily drop-in to your local cafe or prefer brewing from home, consider looking for a property that’s located near a Starbucks.

A long-term study unveiled the so-called Starbucks effect, which shows that, “between 1997 and 2013, homes closer to the coffee shop increase in value by 96%, compared to 65% for all other U.S. homes,” said CNN Money. Another study found that having a local shopping district with wine shops, theaters and garden stores can also be beneficial to property values.

Proximity to amenities is important

All in all, small community districts with walkable or easily accessible shopping and recreation tend to positively impact home prices. Walkable communities remain in high demand, so Edina Realty has incorporated data from WalkScore into its property search. Each property’s WalkScore takes into account a home’s proximity to:

• Public transit
• Dining
• Groceries
• Shopping
• Errands
• Parks
• Schools
• Culture
• Entertainment

The WalkScore provides homeowners and buyers with a clear understanding of how walkable an area is, along with a rating of nearby transit options and bike infrastructure.

Start your property search today!

Whether you’re hoping to hone in on a property with a fast-rising home value, or one that is close to amenities that make day-to-day life a bit easier, we can help. Reach out to Edina Realty or your agent to find the right community and property for your needs.