Alright, everyone, this is our final post in our series from Mr. Todd Talbot … well, for now, that is!! If you missed the last posts Todd shared with us, you HAVE to check them out as he offers up some valuable advice when it comes to answering your questions as first-time homebuyers, why purchasing real estate is a good idea and tips on how to choose your next neighborhood!! Today he is sharing with us why location matters when purchasing a new home … for those looking to buy, this one’s for you!! Take it AWAY, Talbot!!! …
Hey, everyone! Todd here again! There is NOTHING more important than location when it comes to buying Real Estate. That’s why the phrase ‘location, location, location’ uses the word three times. I have been trying to get people to prioritize location over other factors for years. I believe, especially for your first or second home, that you should be focusing on the investment potential first and save the idea your ‘dream home’ for further down the road. Let me explain.
The future value of your property whether it is a condo, townhouse, or detached home is determined by where it is. No amount of renovations will help the value of your property more than being in the right spot. But also, no amount of renovations can increase the value of your property overall if it’s in the wrong spot.
There are two levels to location. First, look at the big picture; Certain cities increase faster than others due to how many people want to be there. If it’s a beautiful geographic spot or there is a boom in the job market the supply of buyers will be greater than the supply of homes and this will drive prices up. It’s one of the reasons why cities like Vancouver, New York, London, and others have sky-high real estate prices and will continue to be that way.
Secondly, get on street level. In terms of where exactly the property is located in the city, the closer to the core of the city the safer your investment is. Traditionally, market downturns effect the outer areas of a city first and work their way in. The other elements that help you beat the market and ensure long-term gains are ‘special’ features. View, lack of noise, transit, schools, parks, shopping etc. are all things that you can’t renovate. The better the environment the property is in the more value it has.
Remember to invest in the things you can’t change and then watch Love it or List it Vancouver to get ideas about how to make the space your own. It’s probably the most money you will ever spend on a single item, so take your time and make smart choices!
Hope that helps you out! Bye for now!