You’ve likely heard the age-old expression “Location, location, location.” But what does it really mean for homebuyers?
The location of a property plays a major role in determining its value. Sometimes, people sideline this factor: especially over the last couple of months, when the market was so, so hot, it was deprioritized a little.
But now that we’re starting to see a more balanced market, “location, location, location” is once again the name of the game. There are many reasons why this is the case.
Typically, people consider two or three high-priority factors when choosing a home. First, where is the home in relation to where they work? Because that’s going to be their daily commute. Second, if it’s a family, are there good schools in the area? Finally, what kinds of public services does the location offer, from public pools to sports teams and restaurants?
The next major thing homebuyers consider is crime – a factor that is directly impacted by location. Is this a safe neighbourhood? Are we going to be comfortable going for walks and moving about in the evening or during the morning?
There are many location-based factors that can detract from a property’s value. If you’re close to the train tracks, if you can hear the train passing at all, if you’re underneath the flight path of an airport, if your backyard is up against a highway … each of these will cause significant noise pollution.
In short, location is about far more than just your address! If you have more questions about what might affect a property’s value, our team is just a message or phone call away.