Neighbourhoods have a big impact on the potential and long term value of a property. Outlined below are 8 qualities to look for when you are buying as they can have a positive effect on the long term value of your home. You’ve all heard the adage location, location, location…well here is a list of the neighbourhood ‘location’ features that can help boost your resale and property value in the future.
It almost goes without saying that if the neighborhood is located in a great school district it will boost the home’s resale value. Parents will always seek to send their kids to the best school therefore ensuring there is always good demand for these properties.
Low crime rate
People want to feel safe in the home and they want their kids to be able to walk freely around the suburb, therefore a neighbourhood with a strong safety record and a low incidence of crime will add value to a property.
Properties within walking distance to good public transport are also sought after as it makes the commute to work and school that much easier. This may be a regular serviced bus stop, a ferry, a train or light rail station. However, being too close to a mass public transport hub can actually bring the property’s value down.
There is increased interest in neighbourhoods with “resort” like amenities. Many new home communities are being built with pools, tennis courts, fitness facilities, parks and play areas. These amenities do incredible things to boost a home’s resale value – especially for families looking to buy.
Even if your property doesn’t have these, if the neighbourhood has public amenities such as pools, parks, gyms, picnic areas, dog parks, bike trails they too will add value to a property.
Walk-ability to services
Although we seem to be always jumping in our car or hopping on public transport, being able to walk to the corner grocery shop, coffee shop, bar and eateries is highly valued by home buyers. There is something about being able to walk out your front door and head down the street to great local services that appeals to potential buyers but also boosts your resale value significantly.
Additionally, if a neighbourhood is in walking distance to schools, parks, beaches and public transport the value of the property is sure to be higher.
Having established trees lining the streets, dotted around the neighbourhood, or even in people’s front gardens can have a big impact on the areas value. With so many developers knocking down trees to build new homes, neighbourhood’s with a lush tree canopy tend to be rarer and therefore sort after. Buyers love well established neighbourhoods and a feature of these is often older trees that provide character. The more natural a neighbourhood is the better.
Are there any planned upgrades in your neighbourhood? The local council is a great place to head to as they are normally across any planned future growth projects. It’s worth asking if there are plans to upgrade the streetscape, parks, or if there are any new amenities planned for the area. Are there new public transport routes such as a light rail or retail outlets in the pipeline. Some future amenities can add value to your property and neighbourhood.
You can’t just create historic charm – this is built over years and years and it is this character that tends to help resale value as it is a feature that is hard to replicate. Many councils in Australia are conscious of maintaining a certain level of building / renovation uniformity which helps preserve the neighborhood aesthetic and in turn add value to the homes in it.