When investing in or purchasing properties, it’s important that you look past the bricks and mortar. Although the structure, size and layout of your property will no doubt influence its price growth, the amenities of the surrounding area can also bear a heavy influence.
In this article, we’re going to take you through the 7 key amenities that can really work to drive your property’s price growth.
1) Transport links
When purchasing a property, you should never underestimate the importance of reliable transport links. For many people, the importance of an amenity can be derived from how frequently they visit it. Young professionals in particular will frequent local transport links as a means of commuting to their places of work.
Although shops are also important, most people use transport networks 5 out of the 7 days a week, whereas people only purchase groceries around once or twice. When you look at it like this, it’s plain to see that most people will be willing to travel further for a shop than they will for transport infrastructure.
2) High quality schools
For young families, one of the top priorities is excellent schools. Although children might be able to make their own way there instead of parents dropping them off, this is once again a 5 out of 7 day event, which places it very high on the amenity scale.
Many young families will even relocate to an area if it’s within catchment of a highly-regarded school.
3) Shopping centres and supermarkets
Renters and full buyers alike are equally attracted to areas with easily-accessible supermarkets and shopping centres.
Although most will do one large grocery shop a week, some people will drop in at several other times to pick up smaller items. To these people, having a supermarket or shopping centre in the locality is a huge plus.
4) Large bodies of water
Especially in the summer months, large bodies of water are incredibly appealing to prospective renters and buyers. Although these mostly include beaches, areas of water such as lakes and rivers that have recreational facilities can also be very attractive.
The general rule of thumb is that the larger the body of water, the higher the demand for local property will be. Don’t let this put you off areas with streams and ponds, however, because these can also serve to drive price growth.
5) Lifestyle locations
Although not everyone takes advantage of local amenities such as swimming pools and gyms, many rate having them locally very highly.
It’s common to see a person’s identity reflected in the type of property that they purchase or rent. For example, many surfers will look at properties close to the beach, whereas nightlife enthusiasts will turn towards city centres in their home hunt.
6) Childcare facilities
Despite not being the largest demographic, young families do still drive demand in many areas. As a result, neighbourhoods that offer strong childcare options are highly sought-after.
If the type of property you’re renting or selling is particularly targeted towards families, you need to consider the availability of local childcare amenities.
7) Top bars and restaurants
Regardless of whether or not you’re a foodie, the chances are that your target audience will be attracted to areas with several bar and restaurant options.
Young professionals in particular who place a focus on lifestyle spending are incredibly valuable to gentrifying neighbourhoods. Even if they’re just tenants, they serve well to push up rent, making investing in a neighbourhood a lucrative option.