There are many factors to consider when purchasing a home, such as size, cost, and quality. However, location is one of the most essential factors about the home you buy.
While you can typically alter other features through upgrades, renovations, or additions, location is the one factor you can’t change. Where your home sits is a permanent fixture.
More and more people are choosing walkable cities as their desired locations for the various benefits they offer. Because of this, walkability can significantly impact the real estate market in these locations.
What is Walkability?
Understanding what defines walkability is crucial to see why a walkable location is so desirable.
For a location to be considered walkable, a person must be able to easily access places from their home on foot. There should be footpaths or sidewalks for easy walking and various stores and restaurants within a reasonable distance.
Another important factor to consider is safety. Some locations may be easily walkable but not necessarily safe. Residents want to feel as though they can walk to places close to home without fear.
Walkable Locations Are in Higher Demand
Not only are people willing to pay more for a walkable location, but they are also more eager to buy. Since these locations may have limited availability, those looking to purchase might want to act quickly if a property becomes available.
You may not even have time to ask for a showing if you see a property you like in a location with a high walkability score. These homes tend to sell quickly due to their intense demand.
Walkable Locations Tend to Sell for More Money
The value of walkable locations has continued to grow considerably over the past few years. All the benefits of areas with high walkability scores tend to make people eager to move to them. Since these locations are so desirable, people are willing to pay more for homes in the area.
Whether you’re hoping to invest in a rental property or purchase a home for yourself, highly walkable homes tend to be more valuable than those in less walkable locations. You could either charge more rent if you’re planning to have tenants or consider your resale value in the future if you’re purchasing for yourself.
If values continue to increase, you may find yourself able to increase your rent or eventually sell your home for a considerable profit in the future.
Benefits of Walkability
There are many benefits to purchasing a property in a walkable location, such as saving money and having a lower ecological footprint.
Walkable Locations Lower Environmental Impact
Cars emit a lot of bad greenhouse gases such as carbon dioxide. As people become more aware of their environmental impact, they often look for ways to reduce their carbon footprint.
Walkable locations are an excellent way for people to go green, as the lowered need for driving can have a positive impact on the environment.
Walkable Locations Can Save Money
Just as walking can lower your carbon footprint, it can also save money. Cars tend to use up a significant portion of many people’s budgets between gas and maintenance costs.
When residents can walk to many locations rather than drive, they can expect to save money on vehicle costs.
Walkable Locations Offer Convenience
Many residents of walkable locations enjoy the convenience of it all. Whether you want to grab a bite to eat, catch a movie, or do some shopping, everything is within a short distance from your home.
Walkable Locations Effects on Real Estate
Locations with high walkability scores are an excellent choice for investment properties or your personal home. These areas offer residents massive benefits, such as a lowered ecological footprint, vehicle costs, and more convenience.
Because of these benefits, walkable locations have a higher value and demand than other areas. If you’re considering an area with a high walkability score, you can’t go wrong investing in a property there.