The Increase in Property Value of being near to Famous Commercial Areas
New research suggests that proximity to the famous shops can actually increase your property value. While proximity to school districts, additional floor space and well-maintained outdoor spaces are still the top things possible buyers look for, investing in property near a commercial space is a great bonus as it can appreciate over time.
However, the exact correlation between property value and proximity to these retailers isn’t crystal clear just. Some experts believe that the values may increase because of demand to live near these stores, but it’s also likely that retailers are choosing these particular areas for a reason we've yet to find out.
Regardless, studies still revealed solid proof that those properties near commercial brand shops and boutique selling either clothing, food and beverage, accessories or others become more preferable by buyers specially those who are patrons of that particular brand. In a way, because of their interest with the brand, they also become enticed to live within the area where these shops are located. It’s like you are also giving them the opportunity to maximize the convenience of being close to their most preferred shopping stores.
This is also the reason why properties surrounded or located near main business districts are being sold for a high price. It doesn’t only support the lifestyle of the people living within it; it also supports their interest and makes like easier for them. Knowing that traveling to places from time to time can be hassle especially because of traffic. So it’s an advantage for developers and investors to find locations which are close to areas like these.
Another factor that makes the value of these properties go higher is because when they are nearby famous shops, the tendency is that more people would be going around it. This would then attract more retailers who will invest on that area. This means, you can also make the property as an investment because it can be renovated and turned into a commercial property which would bring-in huge revenue so it’s time for the owner to take advantage and sell the property for a high price.
Shorter distance to these famous shops would also cut the cost and time of travelling which makes it more preferable especially for practical people. It is also suitable for families that are adventurous, outrageous and plans to do a lot of activities as part of their daily routine.
When your property lies within the area near prominent brand shops and stores, the tendency is you would also be in close-proximity with important gatherings and events which would be attended by famous personalities, celebrities aside from the mass audience. This could also be good investment if you plan to do business within your area or you can source out deals from foreign or even local investors who are interested because of that aspect.
Living is beyond having a shelter to stay on. Places and establishments around a property also matter a lot. It might not mean a lot before but now, proximity to known shops has become something that defines and affects the value of the property.