If you are considering a real estate purchase you have probably heard the expression “the three most important things in buying a home are location, location, location!” You most likely heard this from your parents or a family friend. It has been my experience that not too many agents share this credo with their Buyers. As i have said many times, do not get me going on multiple bidding wars i have experienced in the GTA! The other credo that has been overlooked is RESALE! Buying a home or condo is the biggest “investment” of your life. The LOCATION, LOCATION, LOCATION is directly linked to RESALE! This investment has to have some liquidity. It’s not like a bank account or even your mutual funds …. it’s stability is based on the market and the credos above. Many of my first time buyers get quite anxious when the time comes to sign onto an agreement to purchase a home or condo. They seek reassurance about their financial situation and the long term commitment that they are about to undertake. Most times these buyers are either young graduates new to the job force or young couples starting out their new lives together. The operative word here is “young!” You can search out real estate product on MLS and prices may appear to be consistent for similar product in similar locations….NOT! A professional real estate agent should know this! You can pay the same money for a three bedroom, 2 bath home with parking or a funky condo in a “not so good” area as you would pay in a “premium” location! A novice buyer may not consider this but the credos apply. Comparing this investment …. the premium locations have a higher percentage increase in value compared to the average. The premium locations have better schools. The premium locations have better access to public transportation. The premium locations have better access to shopping, restaurants and parks. The premium locations have lots of new construction and bungalows being renovated / capped to two storey homes. The premium locations are demographically more comfortable. The premium locations have a higher RESALE value. So it is simple, regardless of your budget, be sure to search out the “premium” locations for your real estate investment. Much better liquidity and more profitable!
Location, location, location .... resale!
- March 15, 2015
William Taylor SR