Today, we’ll be sharing a checklist reviewing all the characteristics that make a neighbourhood the perfect one for your dream home.
There are a lot of factors to consider, especially for first time home buyers, because budgets are tight and established neighbourhoods are expensive! The best bang for your buck is to purchase in an up-and-coming neighbourhood in Toronto, but how do you find those? Well, keep reading and find out!
While the number one characteristic on your list may vary from the number one on someone else’s, there are a few key things you should ask about before buying your first home.
Below are 4 factors you should consider to get you started …
1. Transit & Accessibility – be close to transit, but not too close!
Ideally, you want to avoid feeling like you’re on the subway platform while hanging in your basement, right? So, the idea is as follows:
- Accessibility is key! So, if you live on the East or West end, and are not necessarily located in central Toronto for example, you can quickly hop on the subway, streetcar or bus and voila, you’re there (ideally in 30 min or less).
- Resale value and accessibility go hand-in-hand. It goes without saying that you will more than likely fetch more money (profit) for your home at the time of sale, because everybody is looking for that accessibility factor when they’re purchasing a home.
2. School Zones – certainly consider buying into a neighbourhood with established schools, daycares and generally child/kid friendly communities!
- Naturally, young families are especially concerned about school zones & child friendly within a community. Buying into an already established neighbourhood will ensure you cater to such Families (Buyers) and also ensures that should you start your own Family while still living in your awesome home, you’re good from that regard. School zones are a critical decision-making factor for many Buyers alike.
3. Park & Recreation – Who doesn’t love a park … and better still, a park that’s walking distance from home!
- It’s nice to be able to walk there, enjoy the sun, the trees, walk the dog, read a book, or play with the kids on the playground. But then again, isn’t it true that purchasing a home near or even facing a park will cost you more? Sure! But, in the end, when you go to resell it, you’ll more than likely recoup that cost and some. You can’t build a park, so you have to buy into an already established location … these are the types of factors that distinguish your home from another.
4. I’m walking, yes indeed! Another key factor is the walk-score!
- A property’s walk-score has become an essential factor in establishing how attractive it might be to Buyers from a lifestyle perspective. You don’t want to have to trek across town to go to cafes, restaurants and bars to meet up with your friends and family – both costly and time consuming! When you walk into a coffee shop or restaurant where the employees know your name (Cheers!) and even your order, it gives you that sense of comfort and familiarity, which is … well, priceless! And you guessed it, walkability certainly adds value to a property/community.
What other factors might you consider when choosing a (perfect) neighbourhood? Share your thoughts and let us know in the comment section below!
That’s about it from us, we hope this has been informative! If you’d like to get on a one-on-one chat with us to find an answer to all your real estate concerns, apply for our FREE house hunter strategy call!