A condo, house and lot, or townhouse for sale is an invaluable asset if the neighbourhood has nothing to offer. But if the homebuyers are looking into real estate for the first-time while choosing a home to buy, always it is crucial to think how certain considerations will increase the property’s market value in the future. But did you know more than the physical appearance of your home; the appeal of the surrounding areas will define a lucrative value for your home.
It is the land on which your property is built that actually appreciates in value over time. Land appreciates in value because unlike homes, one cannot easily produce land to accommodate the demand. This is the real reason why location is key when choosing a home. If you are still in your shopping phase, you may want to look beyond the condo ads and the easy home payment schemes. Evaluate the surrounding neighborhood of your prospective home with the following considerations;
Transportation: One way to determine if the location of your property is up-and-coming is the presence of new infrastructure. This is because new infrastructure will help usher in a variety of goods and services to the neighborhood within a five to 10-minute walk. This will in turn help to boos the transportation system in the area. In big cities like Toronto you will see more TTC stops, easy access to cabs etc.
New Families: Young newlyweds growing families moving in the community in large numbers is a direct indication that your neighbourhood. There can be many factors some most likely reasons are job, better standard of living, schools etc. Because of what the neighbourhood currently offers them, they are most likely to stay for a longer period of time.
Road Improvements: Road repairs are always nightmare to commuters. But land clearing, construction, traffic and pedestrian path installations and other improvements around major roads are telltale signs the neighbourhood is expanding to better standard of living and will be turning to be a great walkable, driveable, and bikeable neighborhood, which in hindsight, is actually a good thing especially in terms of real estate value.
Public Services: An indicator of a financially-healthy local government is the quality of public services the residents receive without needing to raise taxes (including those for real estate).
Schools: Having a good school in the neighbourhood is always a perk for new families and first time home buyers; However it is a bigger perk for