Home buying decisions are affected by several factors, leading to fluctuations in property values. Also, walkability scores have emerged as a significant contributing factor to property prices. Despite being overlooked, this is often a major indicator of neighbourhood appeal and lifestyle comfort.
A walkability score is a numerical measure that evaluates how easy it is to walk to essential amenities from a property, such as public transport, grocery stores, universities, and cafes. Potential homebuyers naturally envision their future daily routines, and the walkability plays an important role in shaping that picture. Here’s how it can affect property prices:
Convenience and Accessibility
Dependency on public transportation or driving makes it time-consuming and costly for individuals. Buyers are more attracted to properties that offer convenient access to daily necessities. No need for public transportation leads to higher demand, which in turn raises property prices.
Appealing to Young Professionals and Retirees
Retirees and young professionals are the groups who may not want to deal with commuting hassles and prioritise easy access to health services. Also, young professionals prefer to reside in areas where transportation costs are minimised by efficient public transit options. If the walkability score is high, both groups are often willing to pay a premium for properties.
Increased Demand for Local Amenities
Properties near desirable amenities such as cafes, restaurants, and parks are often in higher demand. More buyers seek the convenience and lifestyle offered by these locations. And as the demand for these properties increases, the price of houses in these areas also increases.
In conclusion, the walkability scores become an important metric for real estate rating. Whether you are the first buyer, an investor, or just asking for a new home. Paying attention to this aspect can help an individual make more informed decisions.
Or consult a real estate expert!
