Buying a new home is amongst the biggest financial investments you can ever make. Appropriately, the home buying process demands lots of planning and forethought. From the size of the property to its interior design, there are several essential factors to think about before taking the plunge into the homebuyer’s pool.
But the most significant factor that will determine whether you have made a good choice or not is the location of your new home. Prioritizing the house over the neighborhood is a mistake many buyers make, which they regret for many years.
So why is selecting the right neighborhood so crucial when investing in a home. Let’s find out!
Accessibility
Commuting to and from work or college is a significant part of many people’s daily lives. The commute length will be a big factor in your quality of life and a sizable expense. If you rely on public transport to get around, then being close to transit will be crucial. Ideally, you would want to live in a neighborhood that offers short commute times, whether by car or bus.
If you plan to use mass transit, it is imperative to look for a neighborhood that offers easy access to public transportation, highways, and other major roads. A short walk to the bus or train stop is icing on the cake.
Being within a short distance to work and local amenities is an appealing thing for many prospective homebuyers. It must be one of your main priorities when buying a house.
Amenities
The amenities available are a significant determinant of whether you can live a comfortable life in a particular neighborhood or not. Food, medicines, and toiletries are all necessities of daily living. A community with basic amenities like grocery stores, pharmacies, healthcare facilities, shopping outlets, and popular restaurants nearby offers utmost convenience over one where you have to travel a great distance to get anywhere. Undoubtedly, not many would prefer living in a neighborhood where they would have to drive 30 minutes to pick up a box of milk.
Amenities like playgrounds, parks, and gyms also help enhance community engagement and involvement, making it a more desirable place to live. Choosing an area close to these convenient hotspots also directly impacts the property prices of the neighborhood and raises the home’s value.
Accordingly, it is no surprise that most buyers want certain essential residential amenities within easy driving or walking distance and makes it a specific requirement in their home search.
Safety
The safety of a neighborhood is a crucial factor that is top of mind for many homebuyers. While it may be a bit far-fetched to find an area with zero crime, a neighborhood with a relatively low crime rate will be a lot safer than one with reports of frequent criminal activities.
A safe neighborhood will make for an inviting place to be outdoors and socialize with your neighbors, all while keeping your home value afloat in the years ahead. Look at the crime statistics of the particular area to determine whether it would be a safe area to live in.
It is also crucial that you always trust your instincts. A neighborhood that does not make you feel secure should be an instant red flag.
Potential for Appreciation
Buying a home is a major investment. For this reason, it is crucial to consider if homes in the neighborhood are likely to increase in value in the future. The value of a property is largely dependent upon its location. In addition to current amenities, future development plans are a factor that will make the neighborhood more desirable and dramatically give property prices a boost.
Civic infrastructure like new schools, hospitals, or public transportation routes indicates a potential for appreciation over time. The same holds for commercial or residential development, such as supermarkets or new houses. As a resident of Edmonton, Alberta, you may want to visit edmontonrealestatepro.ca to explore all neighborhoods and search for property listings, from single-family homes and duplexes to condos and townhouses.
Lifestyle
A young couple will likely want different amenities in their perfect neighborhood as opposed to empty nesters seeking a slower pace of life. If you live an active, outgoing lifestyle, then consider whether there are leisure and entertainment facilities in close proximity. These may include but are not limited to cinemas, shopping malls, parks, and dining, and local attractions.
There are not many experiences as exciting as buying a new home. While it is easy to become overjoyed after finding your dream home that meets every requirement, real estate experts contend it is vital to select the right neighborhood too. After all, you can upgrade and renovate the house as per your liking, but you can not change its location and the community.
By taking the time to research a neighborhood before signing on the dotted line, you can make a confident choice and diminish the risk of disappointment and regrets.
