You’ve heard it before, the #1 rule to real estate; Location, Location, Location. But how do you know if the house you love is in the right location? While many will say that “Beauty is in the eye of the beholder”, it’s important to remember that one day you will be showing that home to potential buyers who will be viewing your home with discerning eyes. So what you may have thought was irrelevant or didn’t bother you-like train tacks in the backyard-may have a negative impact on the value of your home and your pocket! Before you sign on the dotted line, make sure you consider these 7 prime location indicators:
- High Owner Occupancy-a neighbourhood where most properties are owner-occupied is highly desirable as the general assumption is that tenants do not upkeep properties as well as property owners do. So knock on some doors and meet the neighbours before you buy!
- Low Turnover-neighbourhoods which always have a low inventory of homes “for sale” usually indicate that they are desirable places to live, and usually have buyers “standing by”, ready to buy when a home comes on the market.
- Green=Green-homes located around mature trees, large green spaces, and built on mature large lots are highly sought after and command prime status and higher prices.
- Heritage Designations-homes tagged with special designations are considered prime acquisitions and are always in demand as they are rarely available. Owning a little piece of history can have its pros and cons, so make sure you know all the facts!
- NO=YES-overall; absence of train tracks, crime, high traffic and rentals, highly contribute to a neighbourhood’s prime status. Also, say YES to homes with low proximity to highways and busy streets, located on cul-de-sacs and courts, as they will always be sought after and highly desirable.
- Amenities-being closely located to desirable amenities like private schools, golf courses, resorts and country clubs, and high-end shopping centres among others, will raise property values and attract a white-collar demographic.
- H2O Rules!-waterfront properties, especially those with “riparian rights” have luxury status and are available only to a small demographic that can afford and is willing to pay the hefty price tags.
Location should be the #1 factor on your list for choosing a home. It is better to buy a bad home in a great neighbourhood than the best home in a bad neighbourhood. Lead with location as your guide and it all will fall into place…
Your Realtor is your #1 go-to person and your best ally when trading real estate.
How does your home rank on the “prime locale scale”? Have you considered these indicators before purchasing?
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