You’ve heard it before, but we’ll say it again because it’s worth repeating—location is the cornerstone of a solid real estate investment. This, particularly, refers to the types of amenities near your property.
In this article, we’ll explore the role that amenities play in influencing your property’s value. Additionally, we’ll outline a few facilities to consider when choosing your ideal Florida home, ideally with the help of a property management service.
The impact of nearby amenities on your property’s value
Nearby amenities can significantly affect the value of your real estate investment. This is because they can turn an area into a desirable location. Desirability is often a direct indicator of demand. Higher demand, in turn, results in higher property values.
To understand why amenities drive people’s decision-making process, put yourself in the shoes of a potential tenant or homebuyer. Naturally, you would prefer a place that offers a better quality of life—maybe one near your office or your kid’s school. When all these must-haves are consolidated in one location, the neighborhood becomes the prime choice for many, if not all, people seeking a place to call home. Ultimately, this increased demand can cause an upturn in real estate values.
Even if amenities don’t matter to you, they may matter to others. When choosing a property, try to evaluate its desirability from the perspective of potential tenants and buyers. This is particularly crucial if you have future plans to sell the property or relocate.
Amenities to look for when investing in real estate
When contemplating a Florida real estate home, it’s crucial to consider amenities that may not be important to you, but may be desirable to tenants or future buyers. Access to certain amenities makes your investment more attractive, and in turn, increases its value. Here are some key amenities to keep in mind, even if you don’t plan to use them personally.
Access to quality schools
If your target demographic includes tenants and homeowners with young children, prioritizing properties in top-rated school districts is a must. Parents tend to have high standards when it comes to where they send their kids to school. You can assess your area’s school rating by checking websites such as Great Schools. Alternatively, you may consult with property management companies who can direct you to the top school districts in your locale.
Proximity to work
Easy access to workplaces is a top priority for potential tenants and homeowners. Because let’s face it—nobody wants to sit in traffic and go through a long commute. Properties near business centers tend to be more attractive and hold a higher return on investment. It’s also wise to ask around about any plans for nearby business developments, as employment opportunities can drive demand for residential real estate. A property management firm will have access to this data, helping you make well-founded decisions.
People want the convenience of being able to buy fresh food, produce, and ingredients whenever they want to. When choosing which Florida investment property to buy, do a drive-by of the neighborhood. Pay attention to how far the closest grocery store is to your potential property, and what brand name it is. Reputable brands (e.g., Whole Foods) are often indicators of the neighborhood’s quality.
Today’s generation of tenants and homeowners are young and concerned about their health. With that in mind, you may opt to invest in properties near fitness centers, sports facilities, etc. in order to cater to their lifestyle preferences. Additionally, consider properties within HOA-governed communities, as these are more likely to come with these amenities.
Access to retail stores
Proximity to restaurants, retail stores, etc. can increase your property’s attractiveness, and in turn, value. Not only do tenants and homeowners want walkability, but it’s also an indicator of the neighborhood’s success. The presence of well-known brands in shopping centers shows that these companies—who have likely done their research—expect that area to see long-term growth.
This goes without saying, but people want to be near transportation so they can get to and from places with ease. This is especially true for occupants who don’t have their own cars. Properties within a short walking distance of train stations, bus stops, and other transit options are typically more attractive to tenants and buyers.
Beyond daily modes of transport, tenants and homebuyers will also favor properties near freeways and airports. It’s only natural for people to want to travel out of town, so most of them are willing to pay a premium for that convenience.
While not everyone wants a private pool due to maintenance and safety concerns, access to public pools can be a significant draw for both tenants and homeowners, particularly those with children. When working with a property management company, be sure to ask about the availability of nearby public pools.
Wide open spaces
Especially if your property is in an urban setting, it must be near outdoor spaces where occupants can breathe and unwind. Check for nearby public parks or spacious rooftop gardens, especially if you’re planning to invest in condominiums. Even in suburban areas with private yards, wide open spaces can be a compelling selling point, providing opportunities for activities like walking, picnicking, and more.
How a property management service can help
To ensure your home ticks all of your potential tenants’ and homebuyers’ boxes in terms of nearby amenities, collaborate with a property management firm.
At Luxury Property Care, we’re committed to helping you choose the best, most desirable properties in your area. Our approach centers around an in-depth market analysis, covering a meticulous evaluation of a vicinity’s amenities. By doing so, we’re able to ensure that your real estate asset is always lucrative, whether your goal is to sell or rent out it out in the future. We’ll position it for success from the start, allowing you to maximize your ROI when the time comes to list it on the market.
For more information on how we can help you choose properties in the best neighborhoods, call (561) 944 – 2992. Alternatively, you may complete our contact form to request additional details on full-service property management services.