In Canada, buying a luxury property means more than just the home or penthouse itself. It also means buying into an entire neighbourhood. When you’re house hunting, it’s important to pay attention to this and to do as much research on the area as you would on your dream home itself. Here’s what you should ask yourself.
What will it look like in 10 years?
Knowing what city planning has in mind for your home’s neighbourhood could really influence your buying decision. If you’re looking for your next home to be a quiet retreat but find that the leafy enclave you’re searching in is slated to have a casino or a busy transit hub built nearby, that might make you re-think your decision.
What is the demographic like?
Knowing who else lives (or might live) in your neighbourhood is another big-ticket item. Chances are, you’re looking for neighbours who share your interests and values. But it’s just as important to think about your property’s value down the road. Are young families moving into the region? Will this demographic increase in the next decade? Will your dream home be a good option for that group, should you decide to sell? These elements might influence your buying decision as well.
How will the neighbourhood impact your lifestyle?
Buying a luxury home is not ideal if your lifestyle is negatively impacted. When searching neighbourhoods, make note of how long your commute to work might be. Will you be able to walk to the park with your children? If they’re young, are there reputable schools nearby for when they get to that age? Are there amenities nearby, such as theatres, restaurants and recreation? Having to drive a little farther to these things might not be a deal breaker, but neither do you want to feel like you spend the majority of your day getting to places, instead of enjoying them.