Location, location, location – it’s the most important aspect of any potential house hunt. But just what constitutes a good location? Whether you’re searching for a new home or thinking about putting your’s on the market, it pays to know what makes or breaks a prime location in your area.
What Matters Most to Canadians
According to a recent Bank of Montreal poll released on Thursday, safety is the top concern for most prospective buyers. More than 63 percent of buyers stated that a safe neighbourhood was a main priority, while living on a quiet street was a close second with 43 percent.
The online survey, which polled some 2,000 Canadians, was conducted by Pollara between February 25 and March 5. Participants included both first-time homebuyers and repeat property investors, providing a unique perspective on what makes or breaks a home’s location.
Overall, most homebuyers prefer to buy a house that has great neighbours. Roughly 30 percent of survey respondents listed this as an important aspect of their search. Having a short commute to work was important to 28 percent of the poll participants, while living near family and friends struck a cord with 25 percent of responders.
The priorities of first-time homebuyers were slightly different. This demographic cared more about a short work commute (34 percent versus 18 percent for the national average). Living close to public transportation was also high on their must-have list with roughly 28 percent stating this as a priority (compared to 19 percent for the national average). What’s more, first-time buyers were less concerned with quiet streets ( 30 percent versus 43 percent).
Explaining the Differences
The divergence between first-time home buyer priorities and repeat buyers isn’t all that surprising when you think about it. Commuting times are likely a big factor for this demographic because they’re often buying less expensive homes that traditionally require a longer commute time. more established repeat buyers can often afford to pay for their way out of community problems.
The general din of the city isn’t a bother for younger buyers. In fact, it’s often part of the allure for young professionals.
How to Make the Most of Your Location
This data is especially useful for home sellers who are attempting to get a leg up on their competition. If you know what people are looking for, you can easily highlight these aspects in your real estate ads, during open houses, and as part of any home showings. Other aspects worth noting about your location includes nearby parks, schools, restaurants, and stores. If your home is similar to others on the market, your neighbourhood amenities could be what set your listing apart from the rest.
What to Look For When Buying
If you’ve recently been pre-approved for a mortgage and are about to start your hunt, now’s the time to sit down and set out your location priorities. While the above suggestions are a great place to start, remember they’re just suggestions. This is going to be your home, after all, so don’t be afraid to focus on amenities that matter to you.
Are you ready to find the location that suits you? Then contact a mortgage broker at FamilyLending.ca today to secure your mortgage pre-approval and begin your house hunting journey.