How Do Nearby Properties Affect the Value of an Estate?May 1, 2019 11:36 pm Leave your thoughts
Most of us are at least somewhat familiar with the idea that a given property’s value is determined in part by the value of the surrounding areas. After all, the first tenet of real estate is “location, location, location.” But just how much does this matter? Is being in the “right” school district a plus for potential homebuyers? How about the surrounding neighborhood and amenities?
To understand nearby property values in Napa County, CA, it’s best to turn to appraisal experts for information. Let’s get acquainted with some of the basic ideas behind how nearby property values influence the market:
- Cup of coffee: One interesting study by Zillow found an interesting correlation between having a nearby coffee shop and property values. Having a Starbucks within a mile of a property will increase its value about 30 percent faster than those of homes farther away. Other coffee shops, like Dunkin’ Donuts, will also boost property values, though not quite as much. The same thing goes for high-end grocery stores like Whole Foods and Trader Joe’s.
- Parks: Another major driver of location-based property values is being close to a park. Of course, it matters how well the park is maintained, but having easy access to a park can boost property values by as much as 20 percent. People love living near a place where they can walk their dog or take their kids to the playground.
- Schools: Unsurprisingly, good school districts mean higher property values. The bottom line is that families are willing to pay a premium in order to live near schools with higher test scores, lower student-to-teacher ratios and smaller class sizes. If you live in a good school district, chances are, your property’s value reflects that.
- Transportation: Proximity to public transit or interstate highway access can also boost property values. People want to be close to work, shopping and recreation. So, if you’re near a bus or subway route or a few blocks from a major roadway, buyers will pay a bit more to cut down on travel times.
- Plant life: It’s surprising sometimes what will affect property values. Research has demonstrated that having a landscaped yard and living in a neighborhood with mature trees will bump up property values by as much as 15 percent. Keeping your lawn and exterior property well maintained could pay off for you in the long run.
If you’re curious about the effect of nearby estate values in Napa County, CA, you need a qualified and licensed real estate appraiser. Founded in 2008, County Appraisals Inc. specializes in wine country properties. We provide a range of services in everything from lending and estate tax valuations to estate planning and purchase negotiations, making your appraisal process as easy, understandable and painless as possible.
During the homebuying process, it’s absolutely essential to gain sound appraisal information, as this is used to ensure you are getting a good value on your purchase. For real estate appraisals in Napa Valley, CA, there’s simply no name more trusted than County Appraisals Inc. Contact us today to learn more and get started on your appraisal!
Categorised in: Nearby Property Values
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