If you’re thinking of moving, or you’re currently in search of your new home, one of the most significant factors you’ll need to consider is which neighbourhood you want to live in!
Much like properties, neighbourhoods come in all shapes, sizes, and functionalities. Whether you want to be closer to top-rated schools or within walking distance of the local shops, here are the key factors you’ll want to keep in mind when choosing your new neighbourhood!
Affordability
Living comfortably and within your means should be at the top of your list of considerations when picking a new place to live. Affordability includes more than just housing expenses; the prices for property taxes and utility services, including electricity and water, can vary from town to town and even between neighbourhoods. It would be best if you did your research beforehand to be prepared for any additional costs or expenses that may arise on a month to month basis.
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Priorities
Next on your list of considerations should be your priorities. What can you not live without? Perhaps that thing is living near top-rated schools, or within walking distance to excellent shops and restaurants, or maybe you’d like to live on a bus or train route so you can leave the car at home and commute on public transport?
Whatever your top priority might be, we recommend scoping out the areas you’re interested in first to make sure they meet your needs. If your agent is knowledgeable about that specific neighbourhood, they should also give you some helpful insight into the lay of the land.
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Real estate value
Lastly, buying a home is the single largest investment you will probably ever make, so you’ll need to consider this factor seriously. With real estate in a constant flux state, it’s important to research current home prices, the length of time homes are for sale, the resale values of homes, and probable long-term value estimates.
Also, carefully review local housing price trends and consider the following questions, “do you have the opportunity to buy a home in an area where prices are at an all-time high? Is the local town or city in the process of being further developed and, therefore, may become more attractive to future home buyers? Is it a location where you might want to invest in real estate to earn passive income?” Asking these critical questions will help you make an informed and educated decision when investing your money in real estate and in a new neighbourhood.
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I hope that you found this blog helpful and informative. If you have any questions about the home buying or moving process, please feel free to reach out by clicking here! I can answer all your questions and concerns and make the whole process as stress-free as possible.
Good luck with your upcoming move, and happy 2021!
