Of course, a property’s aesthetics, layout and functionalities are vital to ensure that you are satisfied with your asset and are selecting what could potentially become your dream home. However, you can’t forget about the importance of choosing the right neighborhood for you, as well as all of the factors and logistics that go into choosing the best neighborhood for you and your needs.
So, today we’re taking the opportunity to explore what those elements are that influence whether or not a neighborhood will be high on your list, or if you can scratch it off altogether.
Because, remember it’s not only about what you’re living in and the specifics of the actual property, where you live and its residing neighborhood and surrounding area is of paramount importance, too!
Commute or No Commute?…That is the Question
While it is not necessarily easy to pick a property because it’s close to your place of work, as jobs can come and go, you should still try to incorporate that into your decision. No one likes a long commute, after all! (Ever take a bus, to a train to another train to a camel, to a magic carpet to a….oh just me? Cool.) If you care about having an easier, and shorter commute to the office, consider choosing a property in the same neighborhood as or at least somewhat close to your place of work. Then, you have one less thing to stress about!
Are You Buying or Renting?
Is this property you’re looking at going to be more of a casual fling or are you thinking about a more long-term commitment? Whether you are buying or renting a property is not only an important factor in choosing the best neighborhood for you, it can impact the value of your long-term investment in the property. If you’re only looking to rent, then you can possibly be a little more daring or less picky about your neighborhood, because you don’t plan on necessarily staying there forever. You can try out the area the property is in and see if it is to your liking and standards. And again, as you’re only renting, you can still get out of there if you don’t like it! However, if you are planning on buying the property, you’re definitely going to want to make sure you plan to stay in that neighborhood for a longer period of time to eventually get the most bang for your buck and value from your investment when it’s time to sell.
Does It Suit Your Lifestyle?
It’s important to consider your lifestyle and preferences when it comes to choosing the neighborhood you want to live in. For example, are you a light sleeper? Well, then it’s definitely best to steer clear of city streets, and stick to more residential and quieter neighborhoods. Otherwise, you will be going to bed with your sound machine! Are you interested in being within walking distance from shops, cafes and restaurants? Well, then you will want to seek out a more cosmopolitan area and probably won’t be as happy in a suburban environment where there could be a mile to the closest coffee shop.
Are you young and single and ready to mingle or are you starting a family? If you’re living the single life, partying it every night, being close to loud bars and clubs is probably a plus in your book. And on the flipside, it’s probably not so much the case if you have kids in tow. Then you would be considering the quality of the neighborhood’s school districts and if the neighborhood is suitable for your kids to grow up in.
Of course, with every pro of a neighborhood, there are always cons to take into consideration as well, so it is best to think about what is most important to you in a neighborhood to ensure that it will best suit your lifestyle.
Appreciation of the Location
When choosing the neighborhood you want to purchase your property in, it is also smart to think about the potential appreciation and development the neighborhood could experience in the future. Are you looking to buy a property in an up and coming neighborhood? Well, then you’re going to want to stick it out there a little longer before you sell it at some point to move on to your next property, that is if you wish to do so. That way, you will be making sure you are keeping the property and waiting long enough for the property values to rise so that the area has been reevaluated, and you can ultimately make money on your initial investment.
To sum it up…
The neighborhood that a property is in is of course crucial to your long term satisfaction, and happiness with your home and even potential financial gains you can eventually obtain on your investment in the asset. But ultimately, in order to make sure you are making the best decision for you, you need to consider the factors and aspects of a home and neighborhood that are most important to you. Is it location, price, space, etc.? It’s hard to check off every single box in every neighborhood and remember, there will always be a give and take of benefits and drawbacks of any neighborhood you choose.
Right now is the time to consult with your real estate agent about the location of the neighborhood you are looking to buy in, to evaluate whether or not your asset will potentially still appreciate in value even though right now, keep in mind it’s probably a seller’s market.
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