 Would you rather own the worst house on the best street or the best house on the worst street? Many people use this analogy during their home search. When buying a home, the neighbourhood you select will not only play a major role in your family's life, but in the resale value of your new home, too. One person's ideal neighbourhood 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 when the time comes.
A good first step is to find a real estate sales representative who works in the area you are thinking of moving into. Real estate sales people are very familiar with the communities in which they work and will be more than happy to answer many of the questions you will have during your search. Remember, a home is a part of a larger community; some more desirable than others. Some communities are geared more to young families, while others will cater to a more older and affluent group and still others to singles or alternative lifestyle/eclectic mixtures of residents. Never buy in an unfamiliar community or neighbourhood unless you have spent some time there during both 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. Sometimes your body will "talk" to you and you will instinctively know if the neighbourhood is right for you. 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 city councillor for the area is a great resource for this type of information. The last thing most homeowners want is the development of a mall or high-rise office tower across the road from their newly-purchased property. Don't let particular things in a home that appeal to you overide its location and potential subsequent resale value. When analyzing a potential new home, ask yourself if you can imagine living - not just in this new 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 the distance to schools, shopping, doctors and work - may be important to other buyers. Location, location location! 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 now house behind you, who owns the property and can, or how will, it be developed? Homes located further away from the centre of an urban area are generally less expensive 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 nearby, 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 casting 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, flight paths, railway tracks, commerical 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 new 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. Likewise, if you're dying to live in that shiny 50 story, reflecting glass condo tower, chances are unless you're able to spend big big bucks, your going to be getting smaller spaces. If you're hoping for a condo with space, your best bet is to look at older buildings, built in the 1980's and early 1990's. However, be prepared to complete kitchen and bathroom renovations and to pay higher monthly fees. Before making any decisions, think of your lifestyle and how a particular location would enhance or detract from it. |