Buying a new home is one of the most exciting moments in anyone’s life. It’s a time filled with hope, possibilities, and exhilaration. However, it’s also a time of stress. Due to the large financial commitment associated with buying a new home, you don’t want to make a mistake, such as choosing a new home in the wrong neighbourhood.
How do you work with your real estate agent to choose a great new neighbourhood you’ll love? Here are some factors to look out for.
1. Climbing Home Prices
A great neighbourhood can be spotted by rising home values. This is especially important to look for if you are considering selling your home down the line. Not only does it mean it’s an up-and-coming neighbourhood, but you’ll likely make a good profit on your new home if you ever sell it.
2. High Incomes
By doing some research online, you can find out median household incomes by neighbourhoods. This is a good factor to look for because homeowners that have higher household incomes are more likely to make renovations to their homes, which can, in turn, boost the home prices for the entire neighbourhood as a result. Higher income neighbourhoods often make new homeowners feel safer as well, since there’s often less crime to worry about.
Although a real estate agent likely won’t comment about a neighbourhood’s demographics, you can find out this information by conducting online searches online if it’s an important factor for you. For example, you can look for nearby cultural centres or synagogues if being in a diverse neighbourhood is a key factor in your home search.
4. Great Schools
A good school district will not only be important if you have children or are planning to have children in the near future, but it can also affect your house’s resale value, so you should pay attention to it. The majority of home buyers consider great schools nearby an important factor in their searches, so it pays to live near great schools whether or not you have children.
Living in a positive, close-knit community is important to many home buyers. This can be a tough concept to judge just by viewing a home, so we recommend going one step further. Go to the local grocery store or coffee shop and talk to people there. See how open and inviting they are. You can also do some research to determine if there are many community activities and events in the neighbourhood, such as block parties, parades, or farmer’s markets.
6. More Owner-Occupied Homes Than Rentals
Ideally, you’ll want to live in a neighbourhood with more owner-occupied homes than rentals. This is because homeowners tend to take more pride in the appearance of their homes, making repairs, keeping up with landscaping, and committing to renovations. This can increase your resale value in the future since how your neighbours take care of their own homes can affect how potential buyers see your home.
When buying a home, think about which neighbourhoods are close enough so you won’t have an unnecessarily long commute. Since you’ll likely be going to work every day for years or even decades still, you’ll want to ensure you don’t spend the majority of your time on the train or in the car. A shorter commute will make you happier in the long run.
Particularly if you’re looking to buy a home in a metropolitan area, it’s a good idea to take a look around to see what’s in walking distance. Are there coffee shops and restaurants nearby? What about grocery stores? Not only is good walkability more convenient, but it can also enhance your home’s value over time.