Thinking of buying or selling your property? Do you know the main factors which affect the price of the property you are going to sell or buy? The value of any property varies and depends on factors like location, size, condition, etc.
But there’s one more factor that is critical but one of the most influential and can drastically change a property’s value. Local amenities like educational institutions, grocery shops, parks, transportation, and shopping centers have a significant impact on both the appeal of a property and its long-term market value.
Let’s have a brief look at the amenities and how they influence property values:
Educational Facilities
Having educational institutions close to any property automatically makes it much more valuable. Families are often willing to pay a lot more for homes located near these institutions because who wants to travel kilometers to go to school or college? Right? So, this demand drives up property values in areas with high-ranking public & private educational institutions.
Impact: Studies have shown that homes near top-performing educational institutions can sell for up to 20% more than similar homes in less desirable educational institution areas. Even couples who don’t have children seek homes in these areas because of the quality of the neighborhood & rising investment opportunities.
Parks & Recreational Areas
Parks and green spaces are another driver that influences property values. These places provide not only opportunities for exercise, relaxation, or socializing but also drastically improve the aesthetic appeal of a neighborhood.
Impact: Homes near well-maintained parks, green spaces & recreational spaces tend to see an increase in property value. Research suggests that having a green space or park beside the property can be high as much as 8-20% depending on the size & type of the park which can lead to a higher closing rate and fast selling.
Public Transportation & Availability
If you are planning on selling your property or buying a residential apartment In a big city like Dhaka, public transportation and its availability can result in a higher closing value or may increase the opportunity for investment. Because who doesn’t want to commute easily to work?
Impact: The properties that are close to public transit hubs generally see a price increase of 5-15% more than the properties with no close transport hubs. Especially for those who don’t own private transport. Easy transport facility is a major selling point for buyers, sellers & renters as well which makes homes more desirable & increases rental home potential.
Shopping, Dining & Entertainment
The conveniences of nearby shopping centers, restaurants, cafes, & entertainment venues enhance the chance of desirability of a neighborhood. Buyers are often willing to pay more for a house that is close to these amenities, making higher profits for the sellers.
Impact: Commercial amenities can raise property values by making the area more attractive & livable. Areas that boast a wide variety of dining, retail, and entertainment options tend to have higher property values, as they cater to lifestyle preferences that prioritize convenience & leisure.
Healthcare Facilities
Having hospitals and healthcare facilities like that makes a property more desirable because of the convenience of any kind of emergency. You might think having these healthcare facilities proximate to your property can result in chaos. Well, you might be right in one sense, but while living in a congested city like Dhaka, when you do face an emergency, you might feel blessed living proximately to a hospital.
Impact: Neighbourhoods close to healthcare facilities often see increased demand, particularly from older homebuyers and families with specific health concerns. This demand can result in higher property values, making homes in these areas attractive for long-term investment.
Amenities Shape Demand & Value
Having daily amenities at reach plays an integral part in shaping a property’s market value. Whether good educational institutions, restaurants, diners, shopping malls, cafes, parks, or recreational centers, these amenities help properties become more valuable in terms of long term investment or overall worth.
