Amenity
In property and land use planning, amenity (lat. amoenitās “pleasantness, delightfulness”) is something considered to benefit a location, contribute to its enjoyment, and thereby increase its value.
Tangible amenities can include the number and nature of guest rooms and the provision of facilities such as elevators (lifts), internet access, restaurants, parks, community centres, swimming pools, golf courses, health club facilities, party rooms, theatre or media rooms, bike paths or garages. Amenities are often provided or used as an instance to justify price increases on a specific property, leading to higher demand and thus scarcity for the selling property.
Intangible amenities include well-integrated public transport, pleasant views, nearby activities, and a low crime rate. Within the context of environmental economics, an environmental amenity can include access to clean air or clean water, or the quality of any other environmental good that may reduce adverse health effects for residents or increase their economic welfare.
Residential real estate can benefit from amenities which, in turn, boost property value. Some examples of valuable amenities are proximity to parks and schools, updated fixtures, and bonus living spaces. These additional features that make a home desirable can add substantial value to a property.
Shine
- 2009-05-12T00:00:00.000000Z
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