As recently mentioned by many news outlets (here and here), something new is coming to Gilbert Arizona – a waterpark! Gilbert has already been recognized as one of the best places in America to live and this new attraction and source of entertainment will only help propel this status.
As fun and exciting as it is for Gilbert residents, many are asking about the financial implications related to this waterpark. Here is what you can expect:
I have already heard comments from my neighbors and fellow Gilbert residents (yes, I live in Gilbert) that are expecting this waterpark to make their home value skyrocket. This isn’t necessarily true.
Will it increase your home value? Probably, but if it does, not by a lot.
As mentioned in a previous blog, what your home appraises for is largely based on what similar homes in close proximity to yours are selling for. Just because an attraction, like a waterpark, is put in your same town does not automatically increase the value of your home.
Will more people want to move to Gilbert as a result of the water park? Maybe. The desire to live in Gilbert could increase the demand for homes, which could impact the amount people are willing to pay, meaning it could eventually increase what your home would appraise for. That said, the waterpark is just one of many things that makes Gilbert an amazing place to live. Sighting the waterpark as a stand-alone item to increase your home value is not necessarily a legitimate claim.
This new waterpark requires people to manage and operate. This means more jobs and opportunities for residents in Gilbert to be employed and earn an income.
Money for Gilbert Businesses
Aside from those employed by the waterpark, people who come to visit Gilbert because of the waterpark will spend their money at local restaurants, gas stations, and other businesses. Moreover, each non-Gilbert resident that comes to use the waterpark is another set of eyes that a local Gilbert business can advertise to. Those advertisements could lead to even more business for establishments located in Gilbert.
More Family Fun
Again, Gilbert already boasts so many great things for the family. But, this is a new type of entertainment we can use when we need it most – in the summer.
It’s no secret that the Arizona summers are hot. The good news is, if you find air conditioning or water, you can get relief from the heat. This waterpark will provide relief and entertainment for those of us trying to live through the hottest times of the year.
I am extremely proud to be a Gilbert resident. I’m also proud of the town leadership for bringing things like this waterpark to our community. The positives far outweigh the negatives, and it makes my town an even better place to live.
If you’re interested in moving to Gilbert, we would be happy to help. Schedule time with one of our wise mortgage advisors below to start the home loan conversation so you can purchase a home in one of the best cities in the USA.