What Aspects of “Location” Matter Most When Purchasing a Home
When you are purchasing a home, everyone always says that “location, location, location” matters most. This is true. However, along with your own personal location desires (e.g. close to family, work), you should consider the following list when deciding the best location for your home for now, and future reselling.
You should determine if there are any major zoning changes on the horizon in the neighborhood – either planned, proposed, or existing but not yet acted upon. If the area is zoned commercial and residential, do not assume that just because there are only residential homes, that commercial enterprises are not expected. This information can be obtained by a realtor, or through your own research with city counsel and any municipal authority.
Distance to Major Roadways
There are a lot of beliefs against living on a major roadway, but there is notable convenience when living nearby to one. You will want to make sure you do not live close enough to a major roadway to have pollution concerns, but you will want to live close enough that commuting is not overly burdensome.
A good, accessible and affordable public transit system near your home will increase your home’s value. With the cost of insurance and vehicles, and the headache of commuting, public transit is the future and the accessibility and affordability of public transit near your home will increase its reselling value.
Distance to Community Resources
Toilet Paper RollsIt is ideal to live walking distance to community resources, such as community centers and libraries. Even if you do not plan on using them, it is a good reselling feature.
Some municipal property taxes are significantly higher than others, without much difference in service. You should consider the price tag and whether that will affect resale value.
Insurance rates are typically set by zones. You should determine the rate of the location of your house as this may affect resale value. Further, higher insurance rates means more insurance claims – this could be more car accidents, thefts from homes and cars, or home accidents. There is also occasionally an element of fraud in the claims so consider your home location’s insurance rate to get an idea of the neighbourhood.
Natural Disaster Likelihood
There are of course other factors and we would love to hear the considerations you have for purchasing a home in terms of location for personal use or resale.