Everybody wants access to great amenities, but should they really be a deciding factor during your home hunt? In this article SARAH JUBB from Little Real Estate explains the importance public amenities play when researching the best location in which to purchase a property.
When you’re looking for a property to rent or buy, it is important to be careful when you attend inspections to make sure the property meets all your expectations. If you can picture yourself living happily and feeling at home there, this will instantly make that property more desirable to you.
One of the factors that can contribute most to whether a property is desirable or not is the amenities available. Properties with access to useful amenities are generally more popular than ones without.
Firstly, an amenity is a desirable or useful feature or facility of a building or place.
Some examples of public amenities are:
- public transport.
If a property is an apartment complex some amenities that you may have access to are:
- a gym
- a pool
- a rooftop garden/social area
- a private car space.
The benefits to your property
The main benefit of having access to good amenities, both public and private, is that they can add value and desirability to your property. The better the amenities that surround your property, the more valuable your property should be and the greater potential it has to increase in value the longer you own it.
Properties with better amenities could also potentially charge higher rents due to higher desirability from tenants. This would allow for a better return on investment for an investor.
The benefits to you
There is much more to amenities than simply adding value to your property and making it more desirable though.
Local amenities like parks offer residents a chance to relax and participate in leisure activities. Local sports clubs are often located there and offer an opportunity to socialise with other members of the community.
If you have a dog, local parks also offer an opportunity for them to socialise and run around.
In the heart of winter when it’s cold, windy and the rain is pouring down, it can be hard to get motivated to exercise after a long day of work. It can be even harder to get up in the morning and brave the weather. It’s so much easier to simply stay warm and snug in bed and take the extra rest before heading to work. This is where the benefits of private amenities can really be seen.
When you have access to a pool or gym in your building, far less effort is required to motivate yourself to be physically active because everything you need for your workout is only minutes from your front door.
It also gives you an opportunity to meet other people that live there and use the amenities. Having a garden or rooftop where you can take your friends or be social with other members of the building is a fantastic thing as it can help to develop a sense of community and friendliness among residents.
Public amenities like parks are also a place for you to be social. They can also lead to better physical and mental health for individuals and facilitate a better level of social cohesion in a community.
An emerging essential
It is an increasingly common occurrence for apartment complexes to have a full set of amenities like a gym, pool and rooftop garden ready for use for all the patrons of the building.
In the highly competitive property market, any advantage that can add value is one that can be considered very important.
Having private amenities at your disposal is very convenient, as they can save you time and money in membership fees, entertainment costs and more. However, it can be quite common for residents to simply not use them.
Though you may not end up using these amenities frequently, it’s still appealing to have them there any way (just in case you ever do need them).
Public amenities should also be considered an essential to any property. If your property has poor access to roads or a lack of public transport supply, it may be considered less desirable to prospective buyers when you decide to sell it. It will also be less appealing to tenants if you ever decide to rent it out.
Public amenities are an essential to not only individual properties but suburbs as a whole.
How much should you consider the amenities available?
Considering the benefits listed above, not only to you personally but to your property’s value, considering amenities is an important step in your purchase choice.
The better equipped your property or the location around it is, the better off you will be. They are an important part of living and can help to contribute to a more complete life.
Email us or call our office on 1300 888 299 if you’re interested in discussing finance to purchase a property. If needing help from a Real Estate agent to find your perfect property, contact Sarah Jubb on 02 9301 5603 our dedicated relationship manager at Little Real Estate.
General Advice Warning: The advice has been prepared without taking into account your objectives, financial situation or needs. You should therefore consider the appropriateness of the advice, in light of these objectives, financial situation or needs, before following the advice. We recommend that you speak to your accountant and financial adviser to help you determine whether direct property investment is right for you.