You’ve heard it. I’ve said it. “Location, location, location.” It’s a pretty common phrase in home buying speak. We real estate agents tell it to every client a dozen times over, and we don’t just repeat it because we like to hear ourselves talk (ok, well maybe some of us do). It’s pretty important… in fact, it’s probably THE most important factor to consider when buying a home because it ends up influencing so many facets of daily life. Unfortunately, for some reason unknown to me, its often the first thing people throw out the window when they fall in love with that “perfect house”.
Your home’s location will impact your gas bill, kids options for school, your social life, your work routine, and the list goes on and on. Elizabeth Weintraub put together a pretty complete list of location-based items to consider when looking for a new home. Here’s a few of the big ones…
If you’ve got school aged children and you want to be in a catchment area of highly desirable schools, then you’re going to likely have to up the ante on your mortgage. It’s not uncommon for list prices in neighbourhoods within close proximity of great schools to be higher than those around less desirable educational institutes.
A Great View
Want to enjoy a sweeping panoramic view of the city at night, or bask in the grandeur of nature’s wonders by day? Only if you’re willing to pay extra for it. Even a small glimpse of open fields from one small window is enough to warrant a few more thousand on the listing price. So if you’re partial to mountains, greenbelts or golf courses, its going to cost you.
We’re not talking just to and from work here. How much time could you save if you only lived right around the corner from outdoor activities, shopping, entertainment, healthcare, school, etc. Few of us actually like the long commute to work or anywhere else. And less time to get somewhere means more time doing something you actually want to. But remember, the closer your home is to these amenities, the more you’re likely going to have to pay for it.