PickYourPlace Now Tracks Property Renovations and Neighborhood Development

If you’re on the hunt for a new place to call home, whether you’re renting or buying, you know how important it is to make an informed decision. That’s why we created PickYourPlace, a tool that helps you evaluate prospective neighborhoods and properties through three critical lenses: "property value", "safety", and "accessibility". Today, we’re excited to announce some brand-new features that make our property value lens even more powerful and comprehensive.

What’s in the property value lens?

Before diving into the latest additions, here’s a quick overview of what our property value lens has offered so far:

1. Assessed value from municipalities: We pull the official assessments from local government sources to give you a starting point for how much a property is worth.
2. Historical value trends: Get a better sense of the property’s financial trajectory. We chart the ups and downs in assessed value going back to the early 2000s.
3. Property type: Different types of homes, such as single-family detached houses, apartments, or townhouses, have unique value trends and resale potentials.
4. Year built: An older property might have charm, but also higher maintenance needs. A newer property might be more energy-efficient or structurally updated.
5. Lot size & land use: Large lots often command a premium, while zoning and land use can impact property value long term.

What’s new?

1. Developments and renovations on the property

We know that a property’s true worth goes beyond just its square footage and historical value. Major renovations or upgrades can significantly boost the desirability and market value of a home. That’s why we’ve introduced a new feature that lets you see a detailed list of improvements done on the property:

• Year & month of each renovation: Quickly understand the timeline of enhancements—maybe it’s a brand-new kitchen from last year or a recently finished basement from two years ago.
• Cost of each renovation: Sometimes, big-ticket upgrades like a new roof or a complete bathroom remodel can indicate that the home is well-maintained and likely to increase in value over time.

This renovation history empowers you to gauge how much time, effort, and resources have been invested into the property, helping you determine if you’d prefer a move-in-ready place or a fixer-upper with potential.

2. Developments in the neighborhood

Just as critical as the home’s individual history is the community it belongs to. A neighborhood that’s rapidly growing can be a sign of rising property values and vibrant local amenities. Our second new feature focuses on future neighborhood developments, based on building permits issued by local authorities:

• Projected future growth: We provide data on the number of upcoming builds starting next year, so you can gauge long-term community development trends.
• Growth from this year: A neighborhood that’s steadily adding new homes and facilities is likely to have a flourishing local economy and rising property values.
• Growth rate per 1,000 residents: This metric allows you to see how big an impact these new developments have relative to the size of the community, giving you a sense of whether the neighborhood is on track for robust expansion or steady growth.

With these insights, you’ll know if you’re investing in a community on the rise or one that may be leveling off in terms of development.

Ready to explore your next home?

The perfect home isn’t just about four walls; it’s about finding a place that grows with you. Our mission at PickYourPlace is to help you find that home by making objective decisions simpler and clearer. If you haven’t tried our tool yet, there’s no better time to start. Explore properties and neighborhoods through our three lenses, and discover for yourself how these latest features can guide you toward the right home, in the right community, at the right time.