When it comes to investing in a new home, location is key, but there are other factors to consider. Look at elements in the neighbourhood to find out what could have an impact on home values.
Homes in the path of low-flying airplanes might sell for less because of noise concerns.
- Subway Lines
Proximity to a subway line can increase a home’s value, but not if it’s so close that your dishes rattle every time a train passes.
- Empty Lots
Love your balcony? Make sure there are no empty lots next door or that gorgeous view could become a new condo tower.
Good schools drive up property prices.
Thinking of buying a condo? Find out where the garbage chute is in relation to the unit – related noises and smells can send the resale value down the chute.
- Grocery Stores
Close proximity to a grocery store can increase the value of a home, especially in the downtown core. Find out what amenities are nearby.
- Next Door Neighbours
Proximity to an apartment building or other multi-unit structure (as well as that pub next door with the outdoor patio and brand new sound system) can negatively impact resale value.
Highway accessibility is a good thing, but it can also create traffic, noise and air-quality concerns for future buyers that could negatively impact a home’s value.
Let the searching begin!
Your home is more than just a house, so make the smartest choices you can to suit your lifestyle. You know yourself – and your family – best, so keep these tips in mind as you hunt for your next abode.