I recently wrote a blog about things which devalue a neighborhood. Now it’s time to talk about things which add value to one:
1. School District – Being in a desirable school district always adds value to a property. In fact, I sometimes get phone calls from out of state buyers who are coming to Colorado Springs and have already targeted which school district they want to live in. They are usually willing to pay more to live in such areas.
2. Neighborhood Pool and/or Rec Center – Many of our neighborhoods have a private pool and rec center just for the locals. Wagon Trails, Banning Lewis and Woodmen Hills are some, to name a few. Residents pay homeowner association dues for pool and rec center access, but they are more than happy to have these amenities which are not open to the general public.
3. Golf Course – Neighborhoods surrounding a golf course are always in demand. Homes in such areas usually cost more, but buyers consider it very valuable to live in prestigious golf course communities like Flying Horse or Pine Creek.
4. Neighborhood Trails and Open Space – If an area has its own trail system or designated open space, people consider that a plus. Take Wolf Ranch for example, this neighborhood has a private trail system weaving through it. I have heard buyers say they were hoping for such.
5. Views of Mountains – A neighborhood which offers unobstructed mountain views will always warrant a higher price tag in Colorado Springs. After all, when you live in Colorado you want to see those mountains as much as you can!
6. Near to Shopping and Restaurants – I’d say this is added value. I promote such conveniences with my listings. I once had a home for sale where the buyer was happy to learn of the new grocery store being built just blocks away from her new home.
7. Near Water – Any time you can find a neighborhood bordering a lake or even ponds, it’s valuable. Look at the new Forest Lakes community in Monument. The average price there is in the mid $500,000’s. Buyers will pay for that precious water nearby.
8. Cul-de-sac Community – Banning Lewis Ranch is the perfect example of this. Developers designed this neighborhood so that most of the interior streets are cul-de-sacs which means they are not high traffic and are more kid friendly.
9. Gated Community – Will buyers pay more to live in a gated community? You bet. Look at High Forest Ranch or the Broadmoor Resort Community. Both are gated with on staff security guards, offering residents an exclusive and protected environment. And both are on the higher end of the housing market.
Yes, it really is about location, location, location!