As is often heard about real estate, “location is everything.” There are many factors that go into purchasing real estate, and choosing the right location is one of the most important. Here are some tips to help you ensure the next real estate purchase you make is in a great location according to Vlad Rigenco, a leading Toronto-based Real Estate Agent.
As frustrating as some may find it, the fact of the matter is that your own real estate gains its value through comparison to neighbouring properties. That’s why you should always consider the neighbourhood and the types of homes or other properties nearby. Are they in good condition? Are they attractive to potential buyers? How does the home you’re considering purchasing compare? Choosing a home in a great neighbourhood can be one of the smartest decisions you’ll make, states Vlad Rigenco.
Stay as Close to the Downtown Core as Possible
As far as resale value goes, you should always consider the fact that homes closer to downtown or “business” core are the easiest to sell. People want to be close to their workplaces to cut down on the hassle of commuting, which means that those homes are always in demand.
You should also consider purchasing property in a developing area, such as the suburbs of a major or growing city. These areas are increasingly popular for young families and are usually a sound investment.
Proximity to Public Transit
In larger areas, being close to transit is key. Many new homeowners today are choosing to forgo vehicles and instead rely solely on public transportation to meet their needs, says Vlad Rigenco. Your home’s “walk score” or its proximity to public transportation will make a huge difference. In an ideal world, your property should be anywhere from 1 to 12 minutes’ walking distance to public transit. At the same time, you should consider the noise in the area too, and be sure it isn’t too closely located to a busy street. One example of noise concerns is around train stations. While it can be great to be able to walk to your train every day, having to deal with the continual noise of people entering and leaving the station and the trains passing by can be a deal breaker for a lot of families.
Proximity to Other Amenities
Because newer generations are choosing to forgo vehicles, the distance from other amenities such as schools, gyms, grocery stores, restaurants and shops is also very important — particularly if you are looking to rent out your property.
Consider Supply and Demand
We all know what they are, but how do supply and demand factor into our real estate investment decisions? If possible, choose a property that is in an area of high demand where there is a limited supply, explains Vlad Rigenco. In effect, you’re ensuring that you have more competition among potential tenants or buyers when you choose to rent or sell. This will help you to increase rent and find the perfect tenant or purchaser when the time comes to sell.
Do Your Research
Take the time to conduct as much research as you can about your particular property before you buy it. You want to know as much as possible about the area, including any planned developments which may impact the return you’ll receive on your investment. Vlad Rigenco explains that knowing these things can help you to make the best and most informed decision possible.
These are only a few factors to consider when choosing the correct location for your next real estate purchase. To learn more, you should always contact a Realtor with specialized expertise of the area you are looking at.