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Like the home you'll buy, the neighbourhood you'll select will be a personal choice, based on the size and age of your family, income and individual preferences. Some people prefer the city; others like small towns or the suburbs.
You'll also want to consider whether the neighbourhood matches your lifestyle. Do neighbours meet and mingle or keep to themselves? Is the neighbourhood geared towards young families, professionals or retirees? How close are the amenities that matter to you such as parks, grocery stores or restaurants? RBC’s Community Corner website allows you to map amenities at the postal code level to see if neighbourhoods you are considering match you and your family’s needs.
To help ensure you pick the neighbourhood that's right for you, consider the following tips:
Remember real estate rule #1.
Naturally, you want to find the "perfect home." But while you're searching, remember real estate rule #1: "Location. Location. Location!" You can always change aspects of your home later, but you can't change your neighbourhood or the areas surrounding it.
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The neighbourhood you choose can affect how you'll spend your time. Even if you love your house or condo unit, you may not be so pleased when you're spending a lot of time commuting to do the things you want or need to do. Link to Community Corner to map amenities that suit your lifestyle and see what is in your neighbourhood.
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Think about the return on your investment.
Do you care about the resale value of your home? If you're looking for a starter home that you'll sell within a few years, it may be wiser to invest in a modest home in the best neighbourhood you can afford. The most expensive home in a modest neighbourhood may appreciate less in value and be harder to sell.
It's all too easy to fall in love with a specific home. But before you buy, gather as much information as you can about the neighbourhood and surrounding areas, including:
- Transportation and commuting. How far will you be from your job? Is public transport available? How much does it cost? How often does it run? Are major roads and highways nearby? What's rush hour like?
- Condition of public facilities. Check out the streets and sidewalks (if you have children, having a sidewalk in front of your house may be important). Ask your real estate agent if there are any issues with or improvements proposed for water and power supplies. Visit parks, recreational facilities and libraries.
- Availability of public services. How quickly can emergency personnel get to you? How frequent and reliable is street cleaning, trash collection and snow removal?
- Proximity to medical services. How close are hospitals, doctors and dentists? Does the hospital have a good reputation for emergency, childbirth or other kinds of care you may need?
- Taxes. How do the municipal taxes compare with similar municipalities?
- Schools. How close and convenient are they? Ask about student performance, teachers and extracurricular activities.
- Shopping and banking. How close and convenient are they? Is it a long trip just to pick up milk, eggs and bread? Find RBC branches in the neighbourhoods you're considering.
- Future development plans. Does the municipality have a Master Plan? What is the five-year plan for the area? Is there a commitment to preserving undeveloped land? If new businesses come in, will they create unwanted traffic, noise or lights? Are property taxes scheduled to increase? How have they increased in the past?
Also keep these other factors in mind:
- Hobbies and interests. Do you or family members ski, fish, hike, golf, etc.? Check out nearby facilities.
- Personal connections. Do you want to cultivate new friendships in the neighbourhood? If you have kids, do potential playmates live nearby? How will your new neighbourhood affect current relationships?
- Safety. What are the crime statistics for the area? What are the pollution levels? Are the streets designed and marked to limit automobile speed? Are there sidewalks for pedestrians and bicyclists?
- Social, cultural and religious life. How close are restaurants, theatres, museums, coffee shops and places of worship?
- Neighbourhood property values. Are they increasing, decreasing or stagnant? See the average Canadian housing prices and how they've changed over time.
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