A house is, for the most part, only as good as the neighbourhood in which it is built. When it comes to purchasing a home, choosing the correct neighbourhood is critical. It is not just about convenience, but also about ensuring a good value for your asset. If you decide not to sell or rent your home, the neighbourhood in which it is located has a significant impact on its value. There are certain neighbourhood features that boost property value. These are crucial factors to consider for potential investors, as well as home buyers and sellers.
Neighbourhood features that boost property value
Location
The neighbourhood’s location is an important component in influencing the area’s worth. Although access to public transportation is a given, there are other qualities of a neighbourhood that make it a good location. Some of the factors that will determine the viability of a location include walkability to various amenities. Astute buyers prefer to acquire houses in neighbourhoods that have all of the essential amenities. Some of the crucial indicators of a good neighbourhood include;
- The quality of local schools
- Employment opportunities
- Proximity to shopping, entertainment and recreational centres.
Amenities
One of the most appealing elements of a highly rated neighbourhood is the abundance of excellent amenities to choose from. In the field of real estate, amenity refers to anything that raises the standard of living of the people who live in the neighbourhood. Low crime rates, security features, transportation, parks, hospitals, schools, universities, and shopping facilities are all examples of what is referred to as “excellent amenities.”
Do a drive-through to see if a neighbourhood is worth investing in. Drive around the neighbourhood and assess the quality of the homes, as well as the demographics and types of people who reside there. Particularly at night, when you can get a sense of the neighbourhood’s true “character.”
Educational institutions
There is a close link between property values and schools, particularly good schools. Houses in suburbs with, or close to, schools with stellar reputations will always sell for more than houses in suburbs with a poor reputation or no schools at all. If you choose a property that is close to reputable educational institutions, you can rest assured that your child will not have to go far to receive an excellent education.
Walkability, transport and connectivity
For potential home buyers, a neighbourhood’s walkability has become quite desirable. If a neighbourhood has schools, businesses, parks, restaurants, and other amenities within walking distance, the value of the property in that neighbourhood will almost certainly be higher. Moreover, a neighbourhood should be properly connected to other areas, with a strong road network and a reliable public transportation system.
Infrastructure
Infrastructure is both a necessary aspect of a neighbourhood and one that makes it appealing to potential buyers. Not just the infrastructure that is already available, but also planned infrastructure development. As a result, it’s a good idea to look for neighbourhoods with impending infrastructure projects and make those your investment goals.
Crime rates and safety
One of the most crucial considerations to make when deciding on a neighbourhood to live in is safety. People want to feel safe, and a neighbourhood with a strong safety record and a low incidence of crime will most definitely add value to a property. Some areas are more crime-prone than others. Therefore, it is recommended that you avoid such areas. This is because they are unsafe for your family and will reflect poorly on your property.
Employment opportunities
A home that is located around a hub of employment is more desirable than one which is not. If you plan to stay in the house you buy, look for one that is close to your workplace. It is not only more cost-effective but also more environmentally friendly. Moreover, it will reduce the number of hours spent commuting.
