Property prices can fluctuate because of countless factors, but there are certain neighbourhood features that can have a significant impact on property prices. Here are our top 6:
1. Heritage features
These are small details that add charm, character and historical appeal to a home, and can be a huge factor in getting a great resale price at a later date. Heritage-listed homes are worth more, and are often favoured by buyers. While the idea of owning a slice of local history can be very appealing, there is a catch. It can be quite costly to maintain these features since they cannot be reproduced, and it is the owner’s responsibility to restore and maintain these features. There are also rules and regulations around heritage-listed homes that must be complied with.
2. Safe neighbourhoods
Neighbourhoods that have lower crime rates and a safer atmosphere can add value to your property. Consider what kind of people might be purchasing a home when you are looking for a property with good resale value, a family will want a safe neighbourhood that their kids can have fun in, rather than an intimidating area with high crime rates.
3. Educational opportunities
Having a property located near a prestigious school, a university or other high quality educational institutions will contribute to raising your property value over time. Parents often want the best for their kids, and this involves what school they go to. Professionals working in universities might want to live close to their campus too!
4. Walking distance to services
A property that is within walking distance to major transport hubs, schools, shops, parks, restaurants, or cafes will increase your property. People want the convenience, such as ducking down the road to grab coffee. However, note that proximity to transport hubs may actually reduce the value of the property, for instance, living right beside a train station.
5. Extra amenities
Whether your home has a pool, gym or playground facilities or your property is located in a neighbourhood boasting these features, it can help in gaining value on your property. Strategically choosing the location of your home in relation to these facilities is essential especially since more people are expecting features like these.
6. Future neighbourhood developments
It is important to keep across local council matters when buying a home, whether it be to keep track of developments that may drop or increase your property value. Is there a new shopping centre coming to the neighbourhood soon, or a new tourist attraction? Keep in mind that these developments might not be perfect for everyone!