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What Features Must Be There In A Neighbourhood?

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What Features Must Be There In A Neighbourhood?

While numerous features enhance the value of a property, the neighbourhood that surrounds it plays the most vital role in property appreciation

During the home buying process, one of the key features of a property that most home buyers tend to ignore is the neighbourhood that surrounds it. As most of the home buyers lay more emphasis on the project or the interior of the property, what they regret later is not having done good research on the neighbourhood.

Before making the final decision to buy a property, one must always ensure that they know the neighbourhood well and scan the area for its pros and cons. Getting to know the neighbourhood is very essential as it is one of the key factors that determine the rate at which the property will witness price appreciation.

RealtyNXT lists the various neighbourhood features that enhance the value of a property.

1. Educational Institutions

Homebuyers must make sure that the area where they are purchasing the property has the accessibility to educational institutions like schools and colleges. This is important so that the children in the family need not travel very long distances to travel to schools and colleges. Parents will be more relaxed knowing that their children are nearby and also children will be able to use the maximum time to engage in various activities which would otherwise not be possible if they spend a lot of time in travelling to these institutions. 

Also, homebuyers must make sure that these are reputed institutions of the area so that in the future if they want to sell their homes, they will have a better chance of getting more potential customers as home hunters usually look for places that have the accessibility to well-known institutions.

2. Walkability

A neighbourhood that offers the ease of reaching out to various important places is an important factor to consider while home buying. Residents must have the comfort to take a walk around, buy groceries from the nearest stores whenever required and visit places to eat like cafes and restaurants. Such a neighbourhood is ideal to invest in as these are some of the most important places that one looks for before investing.

3. Safety

As crime rates differ from place to place, an intelligent homebuyer must research well if the crime rate is significantly less in the area that he is willing to invest in. A safe neighbourhood ensures that the residents can be relaxed about living in the area and also stay assured that the elderly or the children of the family can safely take a walk or play around in the place. 

Therefore it is adviced that homebuyers know about the crime rate of the place and invest in only those places that have a clean record.

4. Commercial Hubs

The value of a property rises significantly when there are various commercial centres in the area. This includes the local market, shopping complexes and recreational centres. Properties that offer the ease to reach out to these places in a short amount of time are more preferable than those that are located far off. Thus, in the long term, in case the property is put up for sale, it can be priced at a higher price due to the ease of accessibility to these centres.

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