You’ve heard the question, “What are the 3 most important elements of buying a home?”
The response: “Location, Location, Location.”
There is no denying: location is critical to home buying. That’s because where you live can be important to how you live, how it affects your happiness and quality of life and how it affects your financial and emotional well-being.
It’s not unusual for people to buy and sell their home three or more times during their adult life. As their life evolves, so does their need and desire for where and how to live.
Here are a some questions about location, any number of which might be considered when buying:
- What is the quality of the neighbourhood and is there sufficient pride of ownership?
- How convenient is the location to schools, shopping, friends/family, parks and even jobs?
- Is the neighbourhood improving, stable or declining?
- Is commercial use encroaching and how does that impact value and desirability?
- What is the area’s resale value record?
- Do the homes in the area have a measure of conformity to each other?
- Is it a neighbourhood of mostly young families, empty nesters, rentals or other lifestyles?
- Is it prestige, average or starter?
- Does the neighbourhood have a good reputation?
- What are the traffic patterns?
- Do you prefer urban, rural or semi-urban?
- What is the age range of typical properties?
- Do you prefer a newer or a mature subdivision?
- Are there any positive or negative factors that can have an impact on marketability?
- Does it create a sense of community, fostering social interaction? Conversely, does it nurture privacy?
- Is it a secure environment?
- What about proximity to green space, railway or hydro corridors?
Any number of questions can usually be answered easily. Some require a little research and know-how.
You’re not familiar with a neighbourhood?
Consider going there at a couple of different times. A Saturday and after work tend to be good times. Ask a couple of homeowners who are outside what they like and don’t like about the neighbourhood? It’s surprising how much you can learn by asking.
Finally, if you are relocating, a local REALTOR® will know the area and give you the most insight, helping your make a good buying decision.