While the price of homes in your area will vary depending upon how many home sales there are and how many buyers are looking to buy a new home when you have a desirable location and amenities you’ll ultimately be better equipped to demand a higher home price. Things like the number of bathrooms, proximity to neighborhood amenities, and square footage can all help demand thousands of dollars more than a property that’s located in the same neighborhood.
Room for a Home Office
The pandemic has helped accelerate the work-from-home trend to the point that homeowners now want to have a dedicated workspace. In fact, one study conducted in July 2020 found that over 20% of people said that having a home office was important to them. While the number of people who are willing to pay a higher home price for a home office has deflated since realtors are now accustomed to highlighting rooms that are suitable for this purpose home sales for those with a dedicated home office are still selling for about 3% more money.
The Number of Amenities
Bathrooms can easily increase the home price. In fact, if you have a three-bedroom, one-bathroom home you can easily drive up the price of your home sale by adding another bathroom.
However, as a homeowner, you may not get the increase in your home price that you were expecting to get simply because you have a pool or an elaborately landscaped yard. This is because some buyers find themselves being dissuaded when they think of the cost of maintenance that’s associated with such things. Therefore a pool may increase the home price sometimes but decrease it at other times.
Even though you as the homeowner may not have children in school, this doesn’t mean that you shouldn’t take your schools into consideration. This is important because in 2017 the New York Times discovered that a 5% increase in students’ test scores can improve a home sale price by 2.5%. Many people are even making the school’s reputation a condition of their home sale today because they either have children now or plan on having children or grandchildren someday.
Besides being located near a school another thing that will directly impact your home price is whether your home is located near a grocery store. One study conducted by ATTOM Data discovered that if a home is located in a zip code that has at least one Trader Joe’s the homeowner will enjoy a 35% appreciation in their home’s value over a 5-year period.
Although parks have always drawn families, they’ve grown in popularity today because they serve as a safe outdoor retreat for homeowners during the pandemic. In fact, Texas A&M University Professor John L. Crompton in which he concluded that when a home sale occurs directly across the street from a park it can command as much as 10% more. However, it’s important for the park to be clean and not have a lot of traffic.
Another study that was conducted by Redfin in 2020 showed that homes within walking distance of parks, shops, schools, and other amenities command at least 24% more in resale value when compared to similar homes that were located in car-dependent areas.
One thing is trued, these studies show that the old adage of “location, location, location” still holds true today. In fact, location seemingly trumps everything else when it comes to a home’s price. Therefore when you’re ready to be a homeowner and know for sure you’re getting your money’s worth contact Vitale Homes in Tampa Bay, FL, to help you build the home of your dreams.
Vitale Homes builds new single-family homes in both large and small master-planned communities as well as self-developed neighborhoods throughout the Tampa Bay area, with a particular understanding of the Land o Lakes, Wesley Chapel, Hudson, New Port Richey, Odessa, and surrounding towns of Pasco and Pinellas counties. Whether this is your first home or twentieth home, you’ll experience the Vitale Difference of personalized customizations, exceptional included appointments and finishes, upgrades, and energy features often above industry standards and always above expectations.