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10 Proximity Amenities That Add Value To Real Estate
Location is not about having a good view over a river or having a squarish layout ideal for interior design. It is about proximity to infrastructure like expressways and amenities like supermarkets. While amenities literally is quite limited in definition, when it comes to real estate, investors usually have an understanding that it refers to 3 things. Infrastructure, amenities and facilities. Among aesthetics, layout, and location, the latter is the most dominant in determining value.
Sometimes just a close proximity to a particular item can be deemed by a buyer to make a location priceless. A good example is proximity to a religious venue. As you will already know, there are many more proximity amenities that can add value to a house on a general level or become invaluable to someone with a specific interest. Here are 10 proximity items that adds value to a property.
1) Schools. For a home owner with or planning to have children, being close to a school can make life that much more easier when they don’t have to travel long distances to fetch their children to and from school. It would be even better if the schools around that location are reputable ones. For an investor being located close to an international school can mean an endless supply of tenant prospects that will never dry up.
2) Expressway or highway access. The availability of this makes it convenient for every member of a family. It is especially valuable for those who work in the city. Getting to and fro to the workplace can become a real breeze when the highway exit and entrance is just a minute away.
3) Supermarkets, shopping malls, convenience stores. The more of these that are in close proximity, the more valuable a house is to households and renters. Nobody would want to spend 2 hours on traveling each time a trip to the groceries store is required. Being near these establishments may even help to deter crime.
4) Police station. Nothing is more assuring for safety than to be located close to a police station. Who in the right frame of mind would burglarize a house when the cops are just a minute away. And who would take the risk of indulging in illegal activities in an area where the police have a permanent presence in. Even if a station is manned by 2 personnel during off-hours, their mere presence serve as an effective deterrence to crime.
5) Stadiums, sports facilities and clubs. More and more people are into sports and games to keep an able body. And many facilities for games are not readily available everywhere. For example, gyms, tennis courts, squash courts, basketball courts, soccer fields, etc, can be very desirable facilities to those who indulge in them. Because one will not be able to do those sports or play those games when the required facilities are not available. Sports facilities can be very desirable for enthusiast.
6) Religious venues. When you are a frequent visitor to your religious place, it would make perfect sense that living nearby will be a convenience to be willing to pay for. This can be especially true for specific religious groups who treat venues of worship as a second home.
7) Public transport. Not everyone can afford their own vehicle. Those who can’t will be using public transport facilities like buses, trains, or cabs. So a proximity to bus stops, train stations, and taxi stands can be important them. Properties in dense cities are known to be in high demand when they are located near subways stations. Because the roads are jammed in a bottleneck half the time, taking the train becomes the most efficient way to travel within the city.
8) Parking space. What an irony it can be when you have to park your car 300 meters away from the building you live in. This is a common occurrence in highly populated cities. It happens when households own multiple cars and visitors park their cars in resident parking lots. We assume most of the time that there will be ample parking space for residents in a building or development. The irony can be suffocating when it does not turn out that way.
9) Restaurants and food centers. This can be very valuable for those who do not cook. Cooking can be a very stressful affair for a lot of people. No point going through the hassle when you can settle a meal for a few bucks nearby. An individual who does not cook may have to settle for instant noodles everyday when there are no restaurants in close proximity.
10) Landmarks. Anyone would raise their eyebrow should a new friend mention that he lives 5 minutes from the Eiffel Tower. Even though if an apartment does not have a view of it or if the household members have never visited the tower, the sheer proximity to such an international landmark is reason enough for the property to be of considerable value. There are international, national, state, and local landmarks that people know of. Being close to one is definitely better than having none.
Sellers will always play up and exaggerate what a location has while avoiding everything that a location does not have. When you are a home owner, take note of what matters to your family and what does not. No point paying over the market for a house near a stadium when you know that none of your family member will be using it. If you are an investor, use the amenities that are in close proximity to identify the types of tenants who will most likely pay a premium for them.