The First Rule Of Real Estate Is...
Well, everyone knows that. It’s location, location, location.
But what exactly does that mean? Does it mean the same for everyone, or could it mean different things to different people?
Obviously everyone is trying to ensure that whatever investment they make in real estate is going to net them the largest return when it comes to selling, but could the heart override the head?
Location, location, location can mean many different things to many different people. For example, friends of mine who are happily married have thought about selling their starter home. But her idea of location, location, location means a nice century old house with modern updates in the heart of the city. His idea, for the same money buy a nice piece of land in the suburbs with a large house and great privacy. Same rule, different results.
In my experience, these have been a few of what I have seen drive the conversation on what makes the best location:
1 – Income potential – For those looking at a purchase as a step and not a long term solution, location means where they can turn the biggest profit. They might look at more specific areas as opposed to amenities and other factors just because they know it is a high demand location and no matter when they sell, they are sure to turn a profit.
2 – Amenities – We all want everything at our fingertips. What is available to us can greatly influence a decision. Can I walk to the grocery store? Is there a great restaurant/bar nearby? Where’s the closest movie theatre? Buyers look at these things with great interest because some people might not want to buy into a new subdivision and wait for those things. I remember when I moved into my current house. While there were some amenities on my doorstep, it took a few years for all of them to be in place. A lot of people when looking at this look at the walk score of a property. It is something that can be found on realtor.ca when searching properties. What the walk score indicates is how easily accessible all of the amenities you might want are available within walking distance. The higher the score, the more things are right there for you when you want them.
3 – Schools – This has become one of the largest deciding factors. A good school can mean a big difference to a lot of people. I have had clients who have chosen to pay more for one house over the other because of the school district it falls into. I myself chose to move houses because the school in my old area was not ranked very high. Whether you have younger or older kids, schools can be a huge factor when it comes to location. And even if you don’t have kids, it can help you decide where you might want to live. I currently have some clients who are expecting their first child. While we have seen some houses that they like, upon further review of the school, those houses were quickly taken off the list.
4. – Commute – While those who live and work in the heart of the city may not consider this, those of us who live in the suburbs take our commute very seriously. How quickly can I get to the highway? What major arteries are close? How bad is traffic? All of these questions can seriously affect not only a move to the suburbs, but where in the suburbs you choose to move to. Taking a 10 minute drive north from Vaughan to Aurora can be a deal breaker to some.
So while the golden rule may be location, location, location, the rule can change based on any individuals wants and needs.
If you have any questions about the sorts of things that might influence your house search, feel free to contact me at any time to discuss…
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