As a homebuyer, location will be one of the first things you determine in your search. Your neighbourhood will shape your lifestyle as much—if not more—than the home, you’re living in.
But let’s say you haven’t decided on a city or town, or your criteria are flexible. What types of things should you be evaluating when searching for a place to live?
At WP Developments, we have the location-selection process for our communities down to a science. Here are some of the things we consider when selecting where to build. You may want to keep them in mind you’re choosing your next home.
Opportunities for Growth
The best value you’re going to get on a home is where everyone isn’t buying—yet. There are ways to predict which neighbourhoods are going to be a draw for homebuyers in the future.
Look at who is betting on the growth of the community. Are new businesses (restaurants, stores, etc.) setting up shop? Are policy-makers making infrastructure investments (transit, green space, community services, etc.)? Are community builders, like us, creating more places there for people to live?
Even in the sprawl of suburban areas, transit options are becoming a higher priority for homebuyers. Accessible and frequently running local transit, as well as intercity transit (such as the GO Train), have offered a convenient lifestyle advantage and have a huge impact on resale value.
Also, areas with strong transit options tend to attract businesses. That means not only can you readily access services around your city, but more of those services will also come closer to you.
Crime in your neighbourhood affects both your peace of mind and your pocketbook. A 2012 report by the Center for American Progress looked at the costs of homicide in eight major U.S. cities and found the direct costs totalled $3.7 billion per year—an average of $320 per resident. It also found that a 10% reduction would lead to a 0.83% increase in home values.
Now, crime rates typically have to jump well above the national average before the impact becomes that obvious, but in aggregate, crime has a profound effect on the comfort and livability of your neighbourhood.
It’s no secret that homes on or near green spaces come at a premium. Not everyone can afford the luxury of a parkside or golf course home, but homes near city green space or natural landscape features (such as the Niagara Escarpment) can often be found at a much more modest premium that is very well worth it.
At WP Development, we pride ourselves on our community selection process. Register today to find out why we chose Uptown Oakville as the site of the Wilmot, coming soon.