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.

Zoning

Zoning your Area

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.

School Zones

School Zones

Even if you do not have school age children, you should learn about the schools in the neighborhood and their reputation and testing scores. School zones are a very desirable feature for your future family or for reselling purposes.

Distance to Major Roadways

Major Roadway

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.

Public Transit

Public Transit

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

Library

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.

Property Taxes

 

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

Insurance Rate

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

Natural Disaster

Sometimes this is built into home insurance prices or sometimes you cannot get home insurance covering a natural disaster if one is likely. Determine if you live on a flood plain, or in an area with an increased likelihood of forest fire, tornado or hurricane.

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.

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