When
buying a home, the neighbourhood you select will not only play a pivotal
role in your family’s life, but in the resale value of the property.
One
person’s ideal neighbourhood however may vary greatly from another’s.
But, regardless, there are some needs and wants that generally do
not change. The distance from your new home to schools, churches and
shopping, for example, will not only affect how you and your family
settle into your new home, it will also draw or turn off a perspective
buyer.
A
good first step is to enlist the services of a Realtor who works in
the area you are thinking of moving. Realtors are very familiar with
the communities in which they work and can answer many of the questions
you will develop during your search.
A
home is a part of a larger community. And some are more desirable
than others. Some communities are geared more to young families, others
to older adults and still others to singles or an eclectic mix of
residents. Never buy in an unfamiliar community or neighbourhood unless
you have spent some time there both during the week and on weekends,
day and night. Drive and walk around. Talk to store owners and people
you meet on the street. Ask what they think of the neighbourhood.
If
there are vacant tracts of land where you plan to buy, check with
local authorities to see what the proposed land use might be. The
last thing most homeowners want is the development of a mall or a
high-rise office building across the road from their newly-purchased
property.
Don’t
let particular things in a home that appeal to you override its location
and potential subsequent resale value. When analyzing a potential
property, ask yourself if you can imagine living -- not just in this
home -- but in this neighbourhood for quite a long time.
Remember
that someday you may have to sell your home to someone else and things
that may not be important to you -- such as distance to schools, shopping,
doctors and work -- may be important to other buyers.
In
addition to finding the right neighbourhood, consider the immediate
homes around the particular property you want to buy. Are they well
maintained and worth the same or more than the home you are considering?
Is the location a quiet area or a major traffic thoroughfare? What
kind of privacy does the backyard provide? Does it get the morning
or afternoon sun? If there is no house behind you, who owns the property
and how will it be developed?
Homes
located further away from the centre of an urban area are generally
cheaper. Are you prepared to invest the time and money it takes to
commute and how long of a commute are you prepared to commit to? Is
there public transit and good access to major highways nearby?
If
you have kids in school, what kinds of schools and services are available?
Will your kids have to be bused to their school? If a school is close
by, will they have to cross any major intersections?
Being
close to a school, on the other hand, may have some drawbacks -- few
owners want the noise and disturbance of being located right next
door.
Finding
malls, grocery and specialty stores in urban, residential areas is
rarely a problem. But in neighbourhoods further away from urban areas,
you may need to drive to the nearest convenience store. And getting
to the local grocery store, pharmacy and other support services may
require an even longer trek.
It’s
great to be located near parks and recreational facilities, but few
homeowners appreciate the high cast of tennis court lights beaming
into their back yard. If the home you are considering backs onto such
property, drive around the area and see how often the baseball diamonds,
soccer fields, swimming pools and skating rinks are being used and
when.
More
serious concerns are having such things as gas stations, airports,
railway tracks, commercial developments, major highways and cemeteries
very close by.
Finally,
if your heart is set on finding that one-of-a-kind 150-year old Georgian
home, you’re not going to find it in a newer development. If you want
large bedrooms and bathrooms, narrowing your search to an older part
of town where homes are generally smaller, may prove disappointing.
Before
making any decisions, think of your lifestyle and how a particular
location would enhance or detract from it.
© 2012
RE/MAX International, Inc. All rights reserved.
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Allan
Todd
REALTOR®
Remax Professionals
Inc., Brokerage
1645 Dundas
Street West, Mississauga, Ontario L5C 1E3
1 East Mall Crescent, Etobicoke, Ontario M9B 6G8
270 The Kingsway, Suite 200, Toronto, Ontario M9A 3T7
905-270-8840
416-640-0734
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