How a Commercial Development in Your Community Boosts the Value of Your Home
February 7, 2018 | by QualicoCommunities
Whether you live in a new or old community, the value of your home is constantly changing. While the actions you take to improve your curb appeal and upgrade your home have a large impact on the value for your home, many aspects of your home’s value are out of your control. In most cases, what is happening around your home in the community can have just as much of an impact on your home’s value as your home itself.
As the saying goes, only three things matter in real estate: location, location, location. Your home’s surroundings play an integral role in determining the value of your home. This includes proximity to major roads and public transport, places of worship, schools, essential services and neighbourhood amenities. One of the highest-impact factors in home value beyond your control is the development of industrial or commercial space in your community.
In the past, people wanted their communities to be separated from commercial developments to ensure a more private, secluded and quiet lifestyle at home. Fast-forward to today, and there has been a tremendous shift in this philosophy. With Calgary being such a widespread city, having amenities and services nearby has become a highly desired privilege. People no longer want to travel outside of their community to get a coffee, go to the gym, or go to the grocery store. Conveniences inside the community are now being seen as fantastic amenities that are highly sought after.
Having a commercial development in your community can have a profound impact on home value. Depending on the type of commercial property, you could realize a positive or negative impact. Typically, if a development is expected to bring businesses that will improve the quality of life for community residents, it will add to your home’s value. This includes commercial developments such as coffee shops, restaurants and grocery stores. These added amenities to your community can simplify and improve the day to day lives of residents and as a result, will bring added value to your home.
Commercial developments provide tremendous value in that they bring everything closer to home. You no longer have to drive across the highway, or go to a different community to get your basic necessities; everything is right there in your community. Saving you time and simplifying your day. In many cases, however, this added value is offset by the emergence of increased community traffic and noise.
Recently planned commercial developments, such as the future development Redstone Market Square by Qualico Commercial, have found a way to bring the added value, while mitigating the deterring factors of a commercial development. Commercial centres are now being developed adjacent to the community, instead of in the centre of communities. By this method, the commercial centre is separated by a field, street, or sound barrier such as a fence. This ensures that development provides its intended value to the community, but doesn’t disrupt the peace that community residents want in their community.
Redstone is a community that is continuing to grow and Redstone Market Square will be a welcome addition. With the new neighbouring communities of Skyview Ranch and Cityscape, the 9.78 acre development is expected to serve over 37,000 residents within just a 5km radius. With over 115,000 square feet of proposed building space through 11 buildings, Redstone Market Square is expected to provide the community with a grocery store, pharmacy, and many other great services.