Connectivity and Location
Great neighborhoods have access to a safe, efficient network of transportation like metro connectivity, sidewalks and paths, bicycle trails, clean and convenient public transit stops, and vehicle roadways narrow enough to slow traffic and give way to pedestrians.
In an urban setting, you have several forms of connectivity. Still, the right distance from connectivity should also be considered while scanning for a potential home, say limited noise, and sound pollution can be discussed. In terms of urban connectivity and accessibility, you should look for a neighborhood that is situated near your city's major routes, and that has more than one point of entry.
Good Location Benefits
Do you prefer to be anonymous? Maybe you are the type of person who always gets a P.O. Box? Do you want to live in a quiet place with a place for your kids to run around or a place where no one will mind you? Finding a neighborhood where the vibe fits your lifestyle can be difficult in an urban setting; nonetheless, it is essential. Location is the answer.
In real estate, location is the major contributing factor that will determine the demand for an estate and which in turn will convert into an increase in the price of the estate. In urban cities like Vaughan in Canada, people usually look for condos, like Festival Condos, as most of the condos are situated in great locations with reasonable market prices.
Location, as you know, affects the affordability, but other market factors play an essential role in determining the rate of resale value and the cost of the initial investment. Consulting a real estate agent who is familiar with the area can help determine if property values are on the rise, declining, or are holding steady. Are there lots of new developments in the area?
Are new businesses moving in? Are there any other external factors that could contribute to changes in home value in the area, such as a new public transportation system, changing city regulations, or other conditions? A comparative market analysis of the prices at which similar properties in the same area recently sold can be a useful measure taken by the buyers before investing.
One of the first steps when buying a home is getting an agent who can help you achieve your goals. The best buyer's agents know the local neighborhoods inside and out.
How is the Security?
Getting to know your neighbors is essential.
This is an easy exercise and should be first on your list with location inspection. Welcoming neighbors and thoughtful neighbors can just make your life easy and more meaningful with a sense of security and family feeling. Visiting and scanning the location and people and making an assessment before settling into can be a good idea.
This tactic is good for not only determining the safety in the area but also for discovering if this neighborhood fits your lifestyle. If you are opting for an apartment or condo, it is beneficial and wise to check the home security system provided; an upgraded good security system installed is a plus point.
The more security features a building provides, the better for the occupants. Also, it is advisable to consult with the security company that serves the area for more details. Driving through an area at different hours of the day could provide you a picture of the security measures in place. Also, these sorts of visits will inform you how the traffic is, how the after-hours life is, and take noise factors into consideration.
What's The Crime Rate Like?
Everyone wants to live in a good neighborhood where they can feel safe and secure. You must do your homework while scanning for a potential neighborhood for the crime rate in the area. It is a little intimidating, but surely it will be beneficial in the long run for you and your family.
In fact, when people travel to places like Toronto for holidays, they make sure to check in with the security concerns in the areas they would visit. There are various sites and apps which will give you a sound analysis of the potential threat levels and safety in your preferred location. However, you can also contact the local resident association who can provide records of the neighborhood or building.
Also, they can provide information about future developments, relations with local municipalities, etc. In an urban location where most spaces and buildings are already registered, it is easy to access and see their records.
Proximity and Public Amenities
A modern urban neighborhood includes vital amenities such as parking places, grocery stores, departmental shops, malls, libraries, and restaurants. Likewise, the commute time and distance must be taken into a factor when choosing a location.
Adequate commute distance for work or store can turn into an essential daily exercise. Schools are another critical amenity, even if you don't have kids. If you want to sell your home in the future, many buyers will be on the lookout for good schools. The quality of local schools and the distance from the house are both important factors to consider. How far away are you from a hospital or a fire department?
It’s good to be aware of these things before an emergency actually strikes because, in some settings, the nearest hospital or police station can surprisingly take time to reach because of the town setting. A great neighborhood will have a process to create its additional safety and emergency procedure plan. Planned infrastructures such as schools, hospitals, public transportation, and other public infrastructure can dramatically improve property values in the area.
Commercial development can also improve property values. When you're shopping for a home, try to find out whether any new public, commercial, or residential developments are planned and consider how these additions might affect the desirability of the surrounding areas. Another essential amenity is public use areas. Looking for parks is a good idea if you and your pet enjoy a walk.
What's, Are The Demographics Like?
Demographics data like age, race, gender, income, etc. create the character of a neighborhood. If you are buying into an area with dynamic demography, there is a strong chance you are buying in a location that is going to have strong demand, and you know demand increases the price.
Understanding your location demographics will provide you with insights into possible issues to inspect. Surveying the demographic statistics is essential because, with the ever-increasing population and the migration of people into urban towns and cities, the demand for residential properties is also increasing.
Demographics play an important factor in affecting not only property prices but also the types of property in demand. Major demographic changes can influence the real estate trends for a long time; thus potential buyers need to be aware of shifting demographics to predict investment returns in the future.
A good neighborhood is crucial in your quest to find a new home. It can mainly improve the prospect of good living both for you and your family. As you make an important decision about buying a home, make sure you lock in these factors.
Other Important Huliq Real Estate Articles
Read more helpful real estate guidance in the previously published Huliq articles.
What are the expenses buying a home - see some of the common fees you will be expected to pay when purchasing a home. Don't get caught with unexpected expenses.
Things first-time buyers should know - there is a lot to digest when buying your first house. See some of the vital things all first-timers should have a firm grasp of before committing to their home.
About the author: The above article on things to look for in a neighborhood was written by Riley Boyko. Riley is a 2nd generation Realtor born for the business. During his studies at the University of Guelph, Riley spent the summer as a contractor and working with his parents staging properties before they hit the market. As soon as he was clear of his studies in criminal justice, he immediately got his real estate license to pursue the family business.
A Toronto native from the Annex turned condo dweller himself in the heart of King West – very few know the city, its spots, and its real estate like Riley. This functional knowledge has made him a perfect fit for investors and first-time buyers alike.