Whether educational or recreational, public facilities available in close proximity directly impact the value of the residential real estate — the more facilities in your proximity, the higher the real estate value. Many purchasers are willing to compromise on the house’s characteristics and even pay a higher amount in exchange for excellent facilities nearby. The hunt for the property must include the location and accessibility to facilities before investing in residential real estate. Better accessibility to facilities will be beneficial for now and serve as an excellent future investment.
Graana.com brings you a list of facilities that can significantly impact the value of residential real estate.
Recreational facilities nearby the residential properties are a plus point for buyers. The buyers don’t have to worry about commuting to a distant location for recreation. Sports complexes, swimming pools, movie theatres, or gaming zones will be a good choice near the residential property. Young buyers and families with children specifically lookout for these amenities.
Parks have always been a positive factor influencing the real estate market, especially for buyers with growing children. Parks encourage residents to come out and indulge in physical activity. They provide a space for exercise and play while promoting a healthy lifestyle and better community living. Parks are a great option for families to have fresh air and spend quality time.
Everyone wants to get everyday essential retail items within close vicinity. Nobody wants to travel far just to buy daily commodities. If a person needs something, the first instinct is to rush to the nearest supermarket or store. Commercial markets close to residential areas increase the value of the residential area, and their absence decreases it. Residential areas not having immediate access to the commercial markets are a lesser preferred option for buyers.
The closeness of a house to workplaces is a significant concern for the working class. Living close to offices allows residents to save time wasted on traffic jams otherwise, along with the money spent on traveling. It reduces everyday stress and provides ease in the daily commute. Although some buyers do not prefer the traffic that comes with it, having your real estate property in the city center with offices or business hubs close by is always a beneficial future investment.
Well-reputed schools significantly impact residential real estate, especially for families with younger children. A good school is more important than any extra amenities for most parents with children. If they can find a good school nearby, many parents are ready to compromise on many other characteristics of the home or neighborhood. Not only that, but they are also willing to pay a higher price for a property if a reputable school is nearby. Even if they don’t have children, intelligent house buyers recognize the correlation between good schools and high real estate values. It is a long-term financial investment as well as a benefit to children. It saves the families hassle and expenditure on transportation to schools.
Many house buyers, particularly the elderly and people with specific medical conditions, are concerned about hospitals and healthcare facilities near the residential area. A medical facility close to home is a significant draw for those aged 50 and older, and many investors fall in this age bracket. It provides them the mental peace of having urgent medical aid in an emergency. Also, the vicinity surrounding hospitals is relatively safer than other parts of the city.
The facilities mentioned above increase the value of the residential real estate and can be used as a selling pitch, but it is always a matter of personal preference. It differs from person to person regarding what facilities they need after weighing up the benefits and drawbacks. Comprehensive review, considering these factors into account, can assist purchasers in making an informed decision that will benefit them both now and in the future as a long-term investment.