Two of the most important factors when buying a home are the location, and the style of the home itself. Which one comes out ahead when it comes to purchasing your next home?
Location of a home
We all know the saying 'location, location, location' being one of the biggest mantras in the real estate industry, and it seems very reasonable for most, you can't change the location or what's around it, but you can modify the home itself.
Your location also seems to have the most direct impact on other portions of your day to day life, from your commute to work, what school your kids will attend and grow up in, sports practice, daily recreation (going to the gym, or yoga practice) and even little things like errands you run, or entertainment you enjoy, these all have a bearing on where you live, vs what you live in, and all of which have a direct correlation on the future resale value of your home.
Your Homes Features
With that said, you really cannot ignore the importance of interior features, layout, and the home itself, sure you can always renovate a home to create a space that works more ideally for you, but that's a heavy commitment that many aren't keen on taking on, especially when you consider the expense and inconveniences renovations can bring. Families also are in need of specific homes with internal family priorities, numbers of bathrooms, bedrooms, and living spaces for the family to thrive and enjoy their day to day living.
How proximity effects your homes value
We put together this proximity and real estate values infographic for our readers so they can better understand how certain location influences can effect the value of their properties.
So the debate for both has its ups and downs, there's always the perfect home, in the perfect location scenario that the Real Estate Partners team strives to find for our clients, but when that option just isn't there, we turn to our clients as they reflect on this scenario and found out what they feel, we polled three different active buyers who all were in different situations from a single buyer looking for a 1 bedroom Calgary condominium to a family looking to purchase a new single family home in Auburn Calgary and a Calgary buyer who needs an investment / rental property.
All three buyers heavily favoured location being their biggest driver, for the Condominium buyer it was vital, with the thought of being within walking distance to work, amenities, and transit all being at the forefront, he said "I know there are many options for condominiums out there, my REP agent has really shown me the benefits of different buildings with their individual amenities which helped in the location vs style/home in mind, but ultimately I'd take less amenities within my building in favour of a better location, fortunately we've found some great options that have a great mix of both and I'm excited to buy
"Our detached home buyers both echoed similar statements, with our investor stating that close proximity to transit being very high on their list, this investor is looking to purchase in Albert Park / Radisson Heights where finding a home on an RC-2 lot, with a good central location, and houses with basement suites are common being high on their list all at great value (Current detached homes for sale in Albert Park / Radisson Heights) Our family buyers really emphasized a lake community being important, they do have a check list of things needed in their homes, including bedrooms, bigger backyard, and a garage, but in the community they're looking in, that's very achievable, they said:
" Ultimately we chose the community/location before the home, we're open to the neighboring community of Mahogany as well, but we love the layout of Auburn Bay, the access to the major roadways, the schools, the numerous amenities nearby and obviously the lake all being huge for us as a family in whole."
It's true to, a great neighborhood will keep the value of your home and you can always look to upgrade your home to fit and meet your needs which can always evolve through time, this can also be complimented through equity you put into your home being used to renovate down the road.
Dusko Sremac with the Real Estate Partners | REALTOR® said "External variables that can be seen as negative in a neighborhood cannot be fixed right away, or ever, that could be proximity to an airport, or rail road tracks, over head power lines, to name a few. These factors very much can influence a homes resale value"
RE/MAX recently polled home buyers and asked what they ranked as most important in terms of 'must haves' for the location by their home, the results showed that green space, proximity to work, and retail being the top three biggest factors.
RE/MAX POLL FAVOURS LOCATION
RE/MAX Agents were also polled and an overwhelming amount stated location being more important than style of home, with 91% in favour of location.
We're putting it out to you, what do you think is more important when buying, location or the home you live in? Head over to our Facebook page https://www.facebook.com/repyyc and vote on our poll!
Posted by Cody Tritter on