5 Neighborhood Amenities That Improve Property Values

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Although it might not always feel like it, choosing a place to live in New York City involves more than the price of rent. Whether you're looking to purchase a home or snag the perfect apartment, you want to find a location that offers convenient access to all your favorite aspects of living in a metropolitan area. This could mean a place to walk your dog, proximity to your office or a thriving nearby arts scene.

Property values in NYC are closely related to the amenities different apartments and homes provide. That's why you can expect to pay more for an in-unit washer/dryer. However, neighborhoods have benefits of their own, and these features can drive the personal and financial value of a property more than you might think. Here are five neighborhood amenities that boost property values in NYC.

amenitities property value

1. Grocery and Retail Stores

Shopping is a part of day-to-day life, but it shouldn't take up your whole day — especially if you just need a few ingredients for dinner. In busy New York City, proximity to grocery stores and retail shops plays a large role in determining property value. Ideally, you should look for an apartment or home within walking distance of a grocer and several other shopping locations.

Although you may struggle to find a neighborhood that includes all your favorite retail spots, try to locate one with the essentials. The ability to pop in for a few items on your way home from work will save you time and make your property more appealing to any future buyers. 

2. Public Transportation

A walkable neighborhood can offer convenient access to many of the places you visit regularly. However, you will still need to take public transportation to get to other parts of the city. In general, the closer you are to a subway line, the more expensive a property will be.

Indeed, property in New York City neighborhoods tends to significantly increase in value after new lines open nearby or existing ones are improved. The Upper East Side of Manhattan has risen in value by 6% since the Second Avenue subway opened in 2017, and the Williamsburg neighborhood in Brooklyn has also seen success thanks to its subway line.

3. Gyms and Fitness Centers

If you are hoping to move into a location that will increase in value over time, look for neighborhoods with gyms, yoga studios or recreation centers. You might even want to peek inside to gauge how much of an impact the gym might have on buyers. 

Nice gyms with new equipment are popular with fitness enthusiasts, and recreation centers with pools, tennis courts and other amenities may appeal to families.

4. Restaurants and Coffee Shops

If you're more of a foodie, you may want to look for property in a neighborhood with plenty of dining options. Nearby restaurants and bars could boost local property value, especially if they're trendy. Just make sure to consider how any late-night noise might impact that value and your quality of life.

Coffee shops also dramatically influence property values in New York and across the country. A coffee shop within walking distance provides a convenient place to work and meet with friends, and it can also lead to a 4.5% increase in nearby home values. Starbucks influences surrounding property values the most. It looks like people really do love their coffee.

5. Public Parks

In New York City, a public park allows neighborhood residents to connect with nature and take a step back from their fast-paced lives. Whether you're looking to go for a jog or walk your dog, a park increases property value in a neighborhood. About half of homebuyers are willing to pay 10% more for a home near a park. 

You don't have to own property next to Central Park to benefit, either. There are great parks all over the city. Staten Island, for example, boasts more than 10,000 acres of green space.

What Amenities Matter Most to You?

All these neighborhood amenities can improve your property's value and your quality of life. However, you might also choose a place to live based on other factors, such as an apartment's proximity to your workplace or the neighborhood's overall sense of community.

Each borough and neighborhood in New York City has its unique charms. Do your research and remember that the amenities in an area contribute to the price of rent. Regardless of property value, choose a location that will allow you to truly enjoy what the city has to offer.

Holly Welles is a real estate blogger covering design, finance and market trends for apartment dwellers. You can find more of her work on her blog, The Estate Update.

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