Most landlords are always searching for more ways to boost their rental property’s income, whether that’s through modern decor or sustainable practices in the home. But what about the things that are more challenging to control, such as the community and local amenities? In this blog, we’re answering the question, how do local amenities influence property value?
Before you purchase a rental property
Before you select a rental property, it’s a good idea to conduct thorough research into the local area and the amenities on offer. You’ll also need to decide who you want to target with the home, for example young professionals, couples, students or families. It’s totally up to you which you choose, and there are pros and cons to every option.
These different demographics all have different preferences and priorities. For example, a family may place good schools higher on their list than a group of students who may want to be right in the action.
More recently, a property’s value is determined off more than just the way it’s presented. It instead focuses on the property’s surroundings. As a result of this, we want to share some of the most highly regarded amenities that people look for. Remember, they apply across all demographics, rather than just one group of people.
Highest rated, desirable amenities to boost a property’s market value
Top-rated schools
Many families will be drawn to areas which have strong schools available. Families are likely to do their research into the local school’s ratings and also search for more information on their catchment areas.
Public transport links nearby
Many people rely on public transport to get to work or school, and having great links nearby can be highly appealing. Look out for bus routes, tram networks and find out where the nearest train station is.
Green spaces & parks for outdoor activities
Properties which are located close to well-maintained parks and other green spaces can be more appealing to a range of different tenant groups. Not only do green spaces offer a place to relax, but they can also contribute to better air quality.
Shopping centres
Some people will be satisfied with a supermarket nearby, whereas others may want a retail outlet or similar. Convenient access can appeal highly to prospective tenants.
Restaurants & leisure venues
It’s always nice to have somewhere local that you can go to try out a new activity or enjoy time with friends and family. Many people appreciate homes that are close to a range of restaurants and leisure venues.
Gyms & healthcare facilities
Having a good gym and GP option nearby is crucial for many people. This enables people to continue living a healthy lifestyle without needing to go too far for other essential services.
Why do local amenities matter?
Properties which are close to these highly rated local amenities are often in higher demand than those which aren’t. Often, a higher demand increases market value, so although they may cost more for you to buy, you can also yield higher rents on them in the future.
Landlords should also prioritise buying homes with a good community feel and strong future, as this helps your property to maintain its value over time. A more connected area is appealing to tenants, therefore boosting demand.
Well connected areas provide many lifestyle benefits and they can boost a property’s appeal. It’s crucial to consider your ideal tenant, and choose a home which has the essential amenities they may desire. This will enable you to build long term value and hopefully yield a higher sale price in the future.
We support landlords with the entire process, helping you with rental charges, inspections and everything in between.
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