The three repeated words that seem as obvious as the word itself, Location.
The official definition based on the Merriam-Webster dictionary is “a position or site occupied or available for occupancy or marked by some distinguishing feature”. Therefore, the position of the property, in relation to the area, that has distinguishing features to buyers is what makes the location so important. When one thinks of Beaconsfield South along the Lakeshore or Westpark area in DDO, we associate it with well to-do people or families because there location has prestige and sells well because they are in high demand for wealthy professionals.
These three words are pivotal when looking to invest in real estate and it seems to always be at the tip of a realtor’s mouth when looking at desirable areas in and around the Montreal area.
So, why is one home that is exactly the same as another home worth more depending on location? Well, the benefits of the home are generally drastically different and this is how they differ.
- A home in close proximity to amenities – Popular schools, easy public transportation, shopping, highways, waterfront, hospitals, parks etc. These homes in close proximity to these top buyers picks will always appeal to more individuals because of their easy accessibility, then those ones that are lacking these features.
- In an economically stable borough or neighborhood – An area that has matured in such a way that it appreciated steadily throughout the years. The homes in these areas generally develop a certain degree of stature that attracts buyers as they keep growing steadily in value. These boroughs or neighborhoods tend to have homes that are bigger in size and there is generally a great sense of pride of ownership in these places.
- Being close to the core of the City – The city center will always attract the urbanite and the buyer who wants to be in walking distance to pretty much everything. The price tag for this luxury normally reflects in the price for the location.
These three points are what constitute location, location, location and generally why real estate in these types of locations is of more value.
So, next time you look into investing in real estate, consider that location has a huge impact on the resale of your home.
Although many homes might appeal to you because the property is really nice and new, if the location is not boasting the elements seen above, your next purchase might become something harder to sell down the line. In any case, this is when it is imperative to discuss your property search and area search with your realtor and get their opinion on the profitability of you home investment.