Anyone who has ever considered buying a property has heard the phrase “It’s all about location, location, location”.
People who have made various transactions in real estate are very well aware of the importance of location in these transactions. Factors like proximity to schools, grocery stores, shopping malls, distance from work etc. are the main contributors to the location for a property.
In Toronto for instance, the empty nesters (young couples or retired) tend to stay in downtown Condominiums. From the young couples’ perspective, living in downtown saves them time to and from work. There is easy access to grocery stores, shopping malls etc.
For retired people, proximity to shopping, grocery stores, restaurants and not having to drive for basic necessities is the reason why downtown is their choice.
As the families grow bigger, people tend to move out into the suburbs to raise their children.
Neighborhood is also the key to the type of environment the buyer is searching for. For example, neighborhoods surrounding elementary schools tend to attract families with young children. This won't necessarily change, since families whose children are now grown find other locations more convenient and are apt to sell, creating sufficient turnover for new families with younger children.
Buyers who own two cars also tend to rank closeness to schools higher than nearby shopping, work and other factors such as public transportation, churches and recreational facilities.
It's important for potential buyers to examine what ranks high on their own list of priorities before they begin the house hunting process. In that way, they’ll have a clear idea of what amenities and services are available in the community they want to join.
The value of a property can change after its purchase. However, any change is likely to be gradual and will depend on factors such as the age of home. Older neighborhoods tend to change more gradually. Houses located near an institution, such as an elementary school, are usually a good investment since their worth is related to a factor that is long-lasting, in this case, the school. In some cases, a buyer may want to sacrifice an asset such as close proximity to a school if a larger house further away is more affordable.
The whole subject of location is a personal choice for the buyer.
That's why a real estate professional will interview the buyer to determine his or her interests, priorities and financial position in order to select a range of possible homes to show.