WHICH LOCAL AMENITIES ADD VALUE TO YOUR HOME?
Whether you’re looking to sell your home, buy a new house or are considering a move to a new area, you’ll have no doubt spent time researching property prices. Although the size of the house and the condition it’s in will affect its value, it’s not just about the bricks and mortar. The area it’s in also plays a role.
Local amenities, such as schools and shops, can determine how desirable an area is to live in. But which amenities add the most value to your home? Property expert Gregory Smith at PriceYourJob.co.uk takes a look.
Good Schools
One of the top local amenities that house buyers are looking for is good schools. Research has shown that a house in the catchment area of a top-performing school may be worth between 8% and 40% more than one that isn’t. Of course, a good local school is likely to affect the price of a family home more than it will a one-bedroom flat.
Green Spaces
Access to green spaces is just as important to buyers, so this is another amenity that does add value to homes. But it’s not just the availability of green spaces that matters; it’s how close they are to your home. In urban areas, having a park, wood, or other green space on your doorstep is likely to add around 2.5% to your house price. If your home overlooks that space, giving you a nice view of grass, trees or water, you can expect another 1.8% boost to your home’s value.
Public Transport and Major Roads
A good public transport network is another amenity that has a big impact on the value of houses. If you live in a city, being near a train, tram or tube stop can boost your home’s value by 3% to 10%.
But what about other areas? How easy a place is to commute from is something that many buyers prioritise when they move out of the city. Being able to enjoy a slower pace of life while still enjoying the perks of a well-paid job appeals to many buyers, from young professionals and families to those nearing retirement. So, being close to rail links and major roads can have a positive effect on house values.
That said, a house that’s right next to a motorway, dual carriageway or train line, or that’s situated on a busy high street, might not hold the same value as one that’s on a quiet residential street.
Shops, Pubs and Restaurants
Having a good selection of shops and restaurants on your doorstep is considered a positive thing. Most homeowners like the convenience of being able to pop to the shops and being able to get to a supermarket without a long drive. They also to be able to go out for a nice meal in their local area. So, having these amenities near your home can boost its value by 5% to 20%.
However, while a nice gastropub or a high-end restaurant may add value, too many bars and fast food outlets can have the opposite effect. They can reduce the aesthetic appeal of an area, adding noise and litter. And they can be seen to attract anti-social behaviour.
Community Centres and Organisations
Any area that has a solid sense of community is going to feel safer and will be more attractive to families and older generations who are looking to forge strong links in the local area, socialise with their peers and enjoy a better quality of life. It’s thought that people who join local clubs, societies and organisations tend to feel happier and have a deeper connection to where they live.
Furthermore, areas with a strong sense of community tend to have lower crime rates and often rank highly in surveys about the best places to live. So, the presence of community centres and organisations can add value to homes.
Leisure and Entertainment Facilities
The lifestyle opportunities an area offers can also affect its desirability and, therefore, house prices. Leisure facilities such as swimming pools and gyms and entertainment options such as theatres, cinemas and museums help us live healthier and more fulfilled lives and can make a place more family-friendly. This might be why new housing developments in cities are including more of these amenities in their plans.
Final Thoughts
The presence of local amenities can affect house values. So, when you’re thinking about buying a home or selling a property, you may find the price is affected by the schools, shops and parks that are nearby. Facilities like these, along with good transport links and a sense of community, are what make an area desirable to live in.
GREGORY SMITH: “Gregory Smith has worked in the property and construction industry for over 20 years. He currently continues to work on domestic building projects while also providing expert comments in the property and construction field for PriceYourJob. He has worked with PriceYourJob for the past 4 years and has been published in a range of reputable publications.”
