Why Location Matters
Why Location Matters
When it comes to searching for a home that suits your needs, there are always so many factors to consider. Of all attributes, location is often the most influential when it comes to finding a home that both fits your lifestyle and sits within a reasonable budget. In this blog, I’ll summarize some of the many location-based factors that come into play when you’re buying a home — including how it can affect the price now, and when you’re selling down the road.
One of the most important aspects of location is accessibility. A home that is located in a convenient location can help streamline everyone’s daily routine. A home that’s close to major highways and public transportation can help you save a lot of time and money down the line, as you won't have to spend as much on gas for long drives. This is especially important if you have a busy schedule or long commute between home and work. Close proximity to an array of businesses, services and other amenities can make running errands much easier. If you’re a growing family with young children, it’s also important to consider the commute between home and school — for both their sake and yours. Think about walking access to nearby parks, playgrounds and other areas where they can meet friends and have fun. A home in a neighbourhood that checks all of these boxes will often be more expensive, so make sure to weigh what’s most important to you.
The overall safety of the neighborhood is another important factor to consider when searching for a home. A safe neighborhood will provide you with peace of mind and make you feel more comfortable in your own home. When it comes to the term “safety”, this doesn’t strictly refer to crime rates. Major roads with high speed limits close to areas where children might play can also be seen as hazardous. By searching online, there are often many resources and online forums that quantify safety or talk about what the area is like. If you need an extra level of reassurance, you can check crime rates or speak to local law enforcement to determine how safe a neighborhood may be.
Property value is also a factor for buyers to consider. Not simply the face value of the property at the time of purchase, but what it will do over time. The price of a property can increase or decrease depending on which part of the market cycle that area is in. If you buy a home in a developing neighbourhood, you can expect its value to increase over time. Whereas if you’re buying in an already saturated market where costs of living are very high, it is reasonable to expect a slight decline in value over the following few years. This is most important to keep in mind if you’re only planning to stay in the home for less than 5 years. Any longer than that is difficult to plan for as there are many variables.
A tightly-knit, active community is incredibly important for you and your family. The community in which you live can also have a significant impact on your daily life, opening the door to a wide variety of social opportunities, events and other activities that can improve your quality of life. Consider the culture and atmosphere of the community when choosing a location for your new home. Take median age and household statistics into consideration to find others in your walk of life.
If you’re looking for a home and want to make sure the location is right for you, don’t hesitate to reach out with any questions you may have. We can work together to research what’s out there and consider the many influences that truly matter to you before making a final decision.
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