It doesn’t matter if your house is the smallest on the street or a gigantic mansion – it’s all about the location. And if the location isn’t right, the price won’t be either.
Looking at the neighbourhood before the property itself can have a seriously positive effect on long-term value. Here are 8 of the qualities you need to look for in a neighbourhood if you want to see a boost in your property’s resale value.
1) Great Schools
Strong family neighbourhoods are always going to need one thing – schools. You can always tell if a neighbourhood is a good bet by whether or not it has a highly-ranked school in it. Parents are always keen to give their kids a great education, so if you have a good school within your neighbourhood, it’ll have a positive effect on your property price.
2) Low Crime Rates
Nobody wants to live in a neighbourhood where crime is rife, and that reflects on property prices. People want to be able to feel safe in their homes, as well as walking around their neighbourhood, and they’re willing to pay more for the privilege. As a result, a neighbourhood that has a steady record of low crime rates will always be in high demand.
3) Solid Public Transport Links
If a neighbourhood is walking distance to good public transport links, it’ll always be in high demand, as it makes people’s daily commutes that much easier. This might be a train station or light rail service, or a bus stop that has frequent services running through. Bear in mind, however, that being too close to a public transport network can actually have a negative effect on property prices.
4) Local Amenities
There’s been a spike in interest for neighbourhoods that have “resort-like” amenities. In fact, a large number of new home communities are being constructed with fitness facilities, tennis courts, pools and play areas. Amenities such as these work wonders for boosting property value.
Your chosen neighbourhood might not have anything like these, but as long as it has locations such as gyms, parks and pools within the vicinity, they’ll all add to the property value.
5) Services within Walking Distance
We’re always jumping in our cars to get from A to B, but having grocery shops within walking distance is a huge plus for home buyers. Being able to step out your front door and head directly to a coffee store, hairdressers or restaurant is a lifestyle benefit, and it’ll boost your property value significantly.
6) Trees and Greenery
Whether it’s lining the streets, within parks or people’s front gardens, trees and greenery in a neighbourhood can have a huge impact on property value. With an influx of developers knocking down trees to find room for new properties, they’re becoming a commodity that many people find desirable.
Buyers are attracted to well-established neighbourhoods, and one feature that helps to concrete this is fully-grown trees. In fact, the more nature your neighbourhood has, the better.
7) Planned Amenities
It’s not just what’s already there – amenities that are set for construction in the future can also impact property price. You can usually find out if a neighbourhood has any planned projects by heading down to the local council. It’s well worth requesting information on whether there are any planned upgrades to street paths, parks, or any new amenities that are set to be built in the area soon.
Some of these amenities will add value to your property, so it’s well worth knowing about them for future reference.
8) Charm and Personality
Historic charm doesn’t happen overnight – it’s built up over years and it’s this that adds character to a neighbourhood that’s hard to compete with. Councils across Australia carefully maintain building and renovation uniformity to help preserve the overall aesthetic of a neighbourhood. This, in turn, adds value to the properties within it.
The information and links provided on this website are for general information only and should not be taken as constituting professional advice. This information does not take into account the financial situation or particular needs of individual readers. Before making any decisions about matters discussed on this website, you should consider whether it is suitable for you in light of your own circumstances, and seek appropriate advice.