When it comes to neighbourhoods, people often rarely think about anything past location. And while it’s true that location, location, location is an important aspect of any real estate purchase, there’s more to a neighbourhood than its position on Google Maps. When you’re looking to move, here are a few things to keep in mind that could help your home keep its value, and make your newest, and biggest purchase, even better.
Urban sprawl is a problem in Edmonton that is simultaneously getting better and worse, which means commute times are sure to become a hotter topic in the coming years. Homes far away in the suburbs could see themselves competing with properties closer to the downtown core as people simply don’t want to face a long morning drive into work, and that means outlying homes could show up less on people’s radar. Plus, a long drive every morning isn’t exactly great for you either. But as the Anthony Henday and other roads in the city get their much-needed upgrades, access could become a key consideration in your next home. Always check out nearby roadways and consider morning commute times when you’re looking at a place. A shorter drive not only gives you more time everyday, it could help you sell the home later.
Even if you aren’t thinking about children, or have kids, right now, being near good schools is a competitive edge for your home. Be sure to know what the schools in the area are like and how they’re ranked. Access to nearby private schools and French immersion programs are also a must for any home buyer who wants their home to stay viable in the future. Be sure to see if there are any recent school closures in the area as well, since that may be the first of a few, and your home could end up in a sort of “education desert.”
3. Rising Prices
It’s always prudent to see how homes in the neighbourhood are selling before you buy one. Have house prices been increasing? Have they been going up at a rate that’s higher or at least on par with the city’s average? If yes, the home has a better chance of retaining its value. If not, than it could end up costing you in the long run. Of course, many people live in the same home for decades, which can make such recent trends seem like a moot point, but even a brief glimpse can set your mind at ease, and help your home stay marketable in the years to come.
There are plenty of things to consider about a home besides its location, especially as new neighbourhoods are popping up all the time. If you’re looking to move into a new neighbourhood, be sure to do some research on its available amenities and resources. If it has good schools, good roads, and good pricing, it may just help your home keep its value.