Sunday, October 21, 2012

Amenities That Increase Property Value

Most homeowners seek to increase the value of their property by upgrading the exterior and renovating the interior. Although home improvements affect property value, the presence of certain amenities increases its value by an estimated 10 to 15$. Similarly, demand for the property increases by approximately 30%. This is why the presence of the following amenities should be taken into consideration when purchasing residential property.
Curb Appeal. The facades of houses, landscaping and the general cleanliness of a neighborhood contribute to creating the first impression among buyers - favorable or otherwise.
Infrastructure and easy access. Wide, clean streets with good drainage make a big difference. Additionally, a neighborhood should ideally have multiply entry and exit points and be easily accessible through the city's major thoroughfares. At the same time, it should not be too close to streets that have heavy traffic and congestion on a daily basis.
Public Transport. Ease in access to and from bus stops and taxi stands is generally viewed favorably. However, public transport stands that are too close to a property can be perceived as a security concern.
Neighborhood parks. Providing recreation for residents, parks with walking / jogging tracks and play areas for children and definitely an added attraction, especially in suburban neighborhoods where recreational avenues are limited.
Schools, healthcare and other amenities. Neighborhood that have good schools and medical facilities in the vicinity are more expensive that those that don't, as most homeowners are willing to pay a premium to live there. Having a commercial area nearby (but not too close) is an added advantage and also impacts property prices favorably.
The Lifestyle Element. The presence of recreational avenues such as cafes, gyms, malls, restaurants, shopping centers, spas and similar service in the vicinity enhance the neighborhood profile and raise property prices significantly.