We have mentioned it quite a few times, and we’ll repeat it for good measure – your home is your sanctuary and the place where a large portion of your hard-earned money is invested. So, it is only natural for homeowners to expect a profitable pay-day when the time comes for their property to change hands.
The idea for this blog came knocking when we were answering the most asked question, “what causes a home’s value to appreciate or depreciate in Pakistan?” So, we couldn’t resist but give you a definite answer to yet another most asked question in the property market – which amenities can increase a house’s value?
Without further ado, let’s get answering!
LIST OF ESSENTIAL AMENITIES THAT CAN INCREASE YOUR PROPERTY’S VALUE
When real estate experts say that the location of your house is a crucial factor to consider, they mean that a house should be near essential facilities, so their presence can add value to the property’s resale price and make it desirable to both buyers and investors.
But how can you be certain of such factors if you are not aware of them? So, to bring you up to par with the basics of investing in Pakistan’s real estate market, we have compiled a list of six essential amenities that can help your property’s price skyrocket in a relatively short time:
- Fully Functioning Mass Transit
- Well-Maintained Parks and Playgrounds
- Reputed Educational Institutions
- Availability of Retail Centres and Commercial Markets
- Picturesque Natural/Man-Made Landmarks
- Trade Centres or Offices
FULLY FUNCTIONING MASS TRANSIT
Without any second guesses, public transport secures the first spot on the list of essential amenities that can increase your property’s value. As a matter of fact, real estate near busy areas usually comes with a premium as opposed to secluded areas.
Public amenities, including transportation, are one of the best value-boosters for home prices. In this regard, the most notable in Pakistan are Metrobus Stations. Let’s say that your property is in excellent condition but is far away from the necessary amenities, especially transport. As such, chances are high that your home will sell for a lower price than a similar property situated in proximity to public transportation.
On a side note, public transport is one of the many reasons why some homeowners in Pakistan prefer living on or near a main road.
WELL-MAINTAINED PARKS AND PLAYGROUNDS
Novice investors only have a vague understanding of where they want to invest, and if they make an investment decision without taking into account the location of a property and a number of other factors, they are in for a nasty surprise. The same theory applies to homebuyers as well. The availability of public parks follows public transport since it is a good indicator to weigh a property’s location and its investment potential.
Whether you are buying a house or an apartment, make sure that it is near well-maintained and safe public parks or playgrounds for a few obvious reasons. To begin with, parks and playgrounds act as a magnet for homebuyers with growing children or people who have pets. Here are some more reasons why public parks are considered one of the top amenities to have nearby:
- Having public parks with jogging or walking tracks can easily help you maintain a healthy and active lifestyle.
- Public parks are usually free and don’t require you to be a paid member. It will only take a water bottle and a few snacks of your choice to enjoy a peaceful evening with your children.
- It is a great place for communal meetings and socialising with your friends and family.
- Green spaces, especially parks, have proven to be beneficial for physical as well as mental health. A research study has suggested that people who live near parks tend to have a greater level of wellbeing than those who don’t.
Additionally, green spaces add aesthetic appeal to a locality, especially if they are situated within a society or in the centre of a block.
REPUTED EDUCATIONAL INSTITUTIONS
The number of factors that influence a house’s value are more than what you can count on your fingers. And, it doesn’t matter how long or short the list is, or for which country or city it is being made for, it always includes reputable educational institutions. But, why do people prefer living schools and colleges? Here’s your answer:
- Living near schools instills independence in children, primarily when the school is situated at a walking distance.
- It enables parents to live without the fear of something going wrong with the van or getting late for school.
- Having a college or school nearby can decrease the extra costs of conveyance.
Moreover, it is no secret that families want their children to be completely safe when they are away from their sight. Children tend to spend a significant amount of time in schools, and having their schools or colleges situated near home is nothing less than a blessing for parents.
AVAILABILITY OF RETAIL CENTRES AND COMMERCIAL MARKETS
Imagine you get a call from a friend or family that they are coming over. You decide to cook something special, but as soon as you open the fridge, you find out that you have run out of essential groceries – what would you do? Well, anybody’s first instinct will be to run to the nearest supermarket and grab all the vital ingredients.
That said, proximity to retail stores and supermarkets has a close relationship with house prices and a direct impact on them. Homeowners in Pakistan prefer living in or near commercial areas where they can easily shop for routine commodities.
PICTURESQUE NATURAL/MAN-MADE LANDMARKS
The geographical location of a property is, hands-down, the most important factor in deciding and growing a property’s price. This isn’t just the case in Pakistan. Homeowners across the world prefer to invest in properties that are present near natural landscapes, such as lakes, hills, green spaces, or any natural or manmade landmarks since they add to the aesthetics of the neighbourhood.
As observed in Pakistan’s real estate market, schemes that are named with words like “lake view “, “orchard” or “hill park” received more interest from buyers and investors. Similarly, high-rises that boast impressive skylines and 360 views of the surroundings offer an excellent ROI.
TRADE CENTRES OR OFFICES
Needless to say, finding a house close to a commercial area is nothing less than winning a jackpot for working individuals. We can easily measure this fact by taking a look at the property prices near commercial areas such as Shahrah-e-Faisal and making a comparison with areas that are not linked with commercial zones.
For working individuals or entrepreneurs, a property’s proximity to commercial zones or neighbourhoods is enough to motivate them to go for a particular district for investment or residence due to the following reasons:
- You can avoid traffic and save time.
- It will save you a lot of time that you can devote to your hobbies or your family.
- It enables you to save the sum you spend on conveyance.
In a nutshell, where you choose to live or invest in a city has a direct impact on how much profit you will make from its resale. A neighbourhood that comes off as an appealing space to you is largely a matter of personal choice – which means that it depends entirely upon whether you want to live near public buses, schools, or commercial markets. However, a truly magnificent property will have at least three of these factors that we have included in our list.