Alexandria, VA's restored riverfront along the Potomac has a 64.5 walk score. Photo: Zach Rudisin / Wikipedia
Common sense dictates that homes in walkable neighborhoods, with easy access to public transit, would pull higher values than houses in areas only accessible via car. How much higher? According to a recent study conducted by the American Public Transportation Association (APTA) and the National Association of Realtors–41.6% higher.
Looking at a constellation of neighborhood characteristics, including easy proximity to light rail, easy walking access to neighborhood business districts, and smaller blocks, the study revealed higher values in the neighborhoods reported in Boston, Chicago, Minneapolis-St. Paul, Phoenix and San Francisco.
Boston was the outlier; its ‘walkable’ neighborhoods delivered home values 129% greater than less convenient neighborhoods. For the rest, the premium ranged from 30% in Chicago to 48% for Minneapolis-St. Paul.
Furthermore, brand-new housing in those walk-friendly neighborhoods won a price premium of 4.1% to 14.9%.
If you are considering buying, a house in a walkable neighborhood will cost more, but is likely to hold its value better. And, the study found that households in these neighborhoods had significantly lower monthly transportation costs.
If you are considering selling a house in a walkable neighborhood, be sure that marketing materials locate the house in relation to key destinations, including transit stations, business districts, and key bus stops. Also include the property’s Walk score, which adds independent validation of its convenient location.
Bob Vila Radio: Built-In Mistakes
One of the joys of homeownership is having the freedom to do exactly what you want with your house or apartment—as long as your spouse agrees, of course. But don’t forget that some day you’ll be selling your home, and future buyers may be turned off by built-in features they’ll need to remove.
Photo: askousa.com
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Listen to BOB VILA ON BUILT-IN MISTAKES or read the text below:
Built-in electronics, for example, can become outdated very quickly. And built-in custom cabinets to hold televisions and sound equipment will become outdated right along with them. After all, 20 years ago, who could have imagined that TV screens would become so big, and music players so small?
Likewise, a basic patio can appeal to anyone, but if you build in a barbecue or other amenities, you make the outdoor space less flexible. So a future owner who wants a place to play ping-pong won’t be as charmed as you are by the built-in wet bar.
So by all means remodel your home the way you want it, but keep your future buyers in mind when you install anything permanent.
Bob Vila Radio is a newly launched daily radio spot carried on more than 75 stations around the country (and growing). You can get your daily dose here, by listening to—or reading—Bob’s 60-second home improvement radio tip of the day.
For more on buying and selling homes, consider:
7 Renovation Tips to Boost Resale Value
10 Simple Home Staging Tips Every Seller Should Know
Bob Vila Radio: Sale Ready Homes
How Stuck Is Your Market? Two Key Metrics to Track
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Back Flips: Is Now the Time for a Fast Turn?
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All of a sudden there are not enough houses for sale to meet homebuyers’ rising level of demand. Could you pull off a fast-and-dirty flip—buying low, fixing quick, and selling in a rebounding market?
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Bob Vila Radio: Sale-Ready Homes
Spring is a great time to sell your home. Houses tend to look their best this time of year, with fresh green lawns and colorful spring flowers. If you’re putting your house on the market this spring, here are a few tips for making it look picture-perfect for a quick sale at a great price.
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Remodeling for Resale: 3 Tarnished Trends to Avoid
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At times it’s necessary to walk a fine line when remodeling. On the one hand, you want to give your house distinct appeal, but on the other hand, you should avoid making your residence so idiosyncratic (or so plain-vanilla) that it won’t appeal to potential buyers. Here are three strategies to help you stay ahead of the market:
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Beyond Stainless: What Buyers Want This Spring
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House hunters today aren’t necessarily fixated on luxury finishes like stainless steel. They are practical and focused on function, willing to pay more for a house whose features align with their buying priorities—especially if the seller can spare them the average $4,550 that 53% of buyers spend on improvements within three months of closing.
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5 Savvy Upgrades That Add Home Value
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Will your project pay off? For a trustworthy estimate, consult Remodeling magazine’s annual Cost vs. Value report to find comprehensive data you can use to gauge whether a given upgrade is likely to add home value.
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Suddenly, a Seller’s Market?
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That choking sound you hear is the echo of real estate deals not getting done, because suddenly, buyers can’t find houses they want. In markets where buyers are clamoring for properties, this spring may give sellers the rare opportunity to cut agents’ commissions, and in so doing, save a bigger slice of hard-won equity.
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3 Ways to Polish Your Online Real Estate Listing
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“Curb appeal” is real estate jargon referring to the first impression your home makes on prospective buyers. With about 90% of house hunters sifting through online listings to narrow the field of choices, curb appeal now takes place in the digital domain. Here are three ways to ensure that your online listing isn’t a drive-by:
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