Location, location, location. How often have we heard that this is the number 1 factor when purchasing a home.
And nothing could be truer.
You can change pretty much everything about the house, but you can’t change where the house is located.
Most important when purchasing, is to look at the neighbourhood. Schools, parks, recreation facilities, hospitals, shopping, transit all these should be considered as part of your purchasing decision as it has an impact on the value of your home, and on the resale value. t’s not just the young families who should be interested in the local schools, even if you don’t have kids, you’ll have a bigger market when your ready to sell, if you buy in the right neighbourhood.
If you are in a complex, there are better location within that complex (corner units may have more windows etc). Or the south facing backyard.
You maybe looking for up and coming neighbourhoods and need to confirm future development plans through the city and the OCP, official community plan.
Sometimes buying on the right side of the street is all it takes maximum re-sale value. Looking at surrounding developments and the location of services is also crucial as it shows the direction development is expanding.
There are several signs to indicate change within neighbourhoods, and it can be extremely profitable for both the home you live in and investment homes.