Definition: Amenities are things you need to improve your property. Amenity also describes any service that provides a benefit to neighboring property owners. Finally, amenities are things that increase the value (and hence the appeal) of a property. In most cases, amenities are free or very cheap to acquire and provide tangible value to buyers who live in an area with high demand for housing.
Amenities can improve the value of a property in several ways. If they provide conveniences such as maid service, clubhouse facilities, plumbing fixtures, or landscaping services, amenity purchases will be worthwhile. In addition to conveniences a property may offer to its visitors; some services can be provided free of charge, like laundry services, security features, trash removal, and park maintenance. Amenities also include features that help make communities more attractive places to live, such as amenities like pools, meeting rooms, fitness centers, or restaurants.
There are three major types of amenities
- Public amenities like libraries and parks,
- Private amenities like pools and dog runs, and
- Infrastructure improvements like roads and bridges.
All three types affect the value of a home, but some have more effect than others in specific selling areas. Public amenities improve the appearance of a property in terms of making it more appealing to buyers. Public libraries do this by attracting patrons and allowing them free access to books and other materials. Similarly, connecting a park to a water source or having a playground nearby can attract children and parents to your property.
Amenities are most valuable to those who frequently use them as a base for making business or personal purchases. The main thing to remember is that amenities are those things that help ordinary people live better lives, whether or not they have extraordinary talents or special knowledge. However, amenities are also important to investors as they can indicate if the property is likely to benefit from future changes in the economy.