HOW DO BUILDING AMENITIES AFFECT PROPERTY VALUE, GENERALLY, REFERRING TO CONDOMINIUM and PUD?
Michael Hobbs MAI, SRA, CRP, LEED GA
Chief Appraiser, Founder, Serial Entrepreneur, Podcast Host, EO Member
AMENITIES are "benefits of a property whose existence?increases desirability of that property.? An amenity can be either tangible, such as a [community] pool or gym, or intangible, such as proximity to a local school or supermarket." These improvements are money-makers for condominiums, apartments, or HOA communities. Landlords or property managers can increase the prices or rental rates of their properties.?
As they always say, “Location, location, location.” Proximity, or should I say walkability for the current generation, to grocery stores, places of employment, learning institutions, and outdoor activities is a huge advantage.
Aside from that, tangible amenities still count, especially for HOA communities, like fitness centers, community swimming pools, trees, Internet, trash disposal, playground for children, community clubhouse, rentable spaces for outdoor activities, and so on.?
The combination of these tangible amenities and the walkability to the facilities mentioned above will surely boost the property values in your location or neighborhood.
Amenities have an almost similar influence on residential properties, be it a single-family detached or a condominium, or an apartment complex.
Do you want to know some other amenities or facilities that can surely add value to your property?
Here are some:
Proximity or being adjacent to a park is always a plus, and the views provided by an adjacent golf course are sure to up your property value.
Who does not want the convenience of being able to grab almost everything you need in a nearby Walmart??
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Being within walking distance from major facilities like schools, parks, shopping complexes, and restaurants will definitely add value to properties.
A sports stadium within a 2.5-mile radius also increases property values; and the closer the property is, the more significant the value increase is.
The color of green gardens is truly refreshing to the eyes, and if your community has one then it would help raise your property’s value. The impact of gardens increases as time goes by, and community gardens of high quality do have the greatest positive influence. However, gardens on private properties and in upper-income communities do not have the same beneficial effect on properties.
Trees, especially the mature ones, are a valuable asset in communities, be they in your yard or along the street.
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