I WANT THIS NEIGHBOURHOOD!
Wednesday Mar 17th, 2021
Is that something you’d say about every neighbourhood? Probably not! So how do you know when a neighbourhood is the right one?
Ready to buy? Check!
Know exactly what you want in a home? Check!
Have a determined budget? Check!
Now, where do you want to live in terms of location? Do you have something in mind already or do you have a few possible choices?
Sometimes, where you decided to live can be a big factor — if it’s vibrant, up and coming neighbourhood, that’s going to help appreciate the value of your new home. How, do you know if a neighbourhood is on the upswing? Next time you are in a neighbourhood, pay close attention to some of the following details:
CURB APPEAL = PRIDE OF OWNERSHIP
Home owners who take pride in home ownership go that extra mile to show it off! By that, I mean that the big house with the green grass and white picket fence is no longer the American Dream — they really ensure that their home has curb appeal. If you’re in awe with most of the homes on a street, then there you have it!
RENOVATIONS & MAINTENANCE
Not only is curb appeal key, so are exterior and interior maintenance/condition of the house. Some things that you want to give extra attention to are well maintained windows, roof and the gutters. if you notice renovations taking place inside and outside of the house, that’s a good sign of proper maintenance and upkeep. Homes that are kept and well maintained have good value.
SENSE OF COMMUNITY
Visible growing trend is the involvement of residents and businesses within the community to help nurture it. Signs of community involvement such as BBQs, picnics, fundraisers and a neighbourhood watch program will be evident. Growing in popularity are dedicated online pages to community events such as a group or a facebook page.
BUSINESS & DEVELOPMENT
In an area with good potential business, you will see upscale shops, cafes, health clubs and spas. These businesses spring up in healthy and posh neighbourhoods. On the other hand, when you see businesses shutting down or low consumer usage, especially a handful within the same neighbourhood — these are telltale signs of neighbourhood decline.
CITY PLANS & FUTURE DEVELOPMENT
The city itself is a very good resource to identify how a neighbourhood is growing. Signs of a city’s investment in a neighbourhood include road improvement projects, building of future schools and recreational/community centres. Developments are always presumed to create a nuisance and be disruptive in the short term, but in the long run, these developments boost the value of any home you buy.
REAL ESTATE SALES
Last but definitely not the least, the neighbourhood real estate sales numbers will also give you a strong indication of a good neighbourhood. Typically, neighbourhoods that are in demand will always see a continuous price appreciation. When homes get sold in a matter of days, that’s also a good indication that there’s demand. Popular and sought after neighbourhoods will also reap the benefits of bidding wars. Real estate sales numbers have a direct correlation to the healthy growth of a neighbourhood or community.
Next time, you are out in a neighbourhood — see what catches your eye. Have you noticed anything that really intrigued your interest? Is there something you are noticing that’s a sign of an upswing neighbourhood?
Remember, a good realtor will be able to pose the right questions to help you get the information you need to make the right decision.