When you purchase a home, you’re hoping it will continually go up in value — just like a good investment.
However, there’s something else that you want to see go up in value as well: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in years to come.
If the neighbourhood goes down in terms of desirability, so will the market value of the home.
That’s why, when shopping for a new home, it’s important to get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.
How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive?
Those are signs of “pride of ownership” — a clear indication that owners value their homes and the neighbourhood.
Another way is to do some research. Has crime gone up in the neighbourhood?
Are there improvements planned, such as new parks?
Is the neighbourhood attracting the kind of people you want as neighbours?
How does the neighbourhood school rank?
Some of this information may be difficult to get on your own.
A good REALTOR® can help you.