You have probably heard this mantra before and are wondering what is the backstory here. Let me explain, location is the most important factor when you are considering buying a new property.
The initial value of your home is based on the value of the land at the time of purchase plus the cost of construction and the percentage of markup for the builder’s profit. What actually brings up the value of the property, among other smaller aspects, is location. Value is an elusive concept that is relative to the buyer’s needs, however, in the real estate world, it stands at the core of supply and demand.
Young professionals and families are the #1 buyers in Canada. Since parents hold the highest percentage of buyers, they are interested in areas with good schools and safe neighborhoods for their children, which tends to increase these areas’ values due to the demand.
Another location aspect that increases the value of your home is the view! Aesthetically pleasing views such as panoramic views of the city or grand landscapes greatly influence the value of a property.
Properties located near the lakes, rivers, and parks offer breathtaking views and many opportunities for outdoor recreational activities.
This brings me to my next point, the walking score is based directly on the location of the property. A walking score gives each location a rating from 1 to 100 and the higher the number the better the area for numerous amenities and recreational opportunities – such as movie theaters, public transit, and city centers.
Neighborhoods in high demand are good investment opportunities as well for profit turnover. For young growing families buying their 1st home in an area like Bois-Franc, the high walking score, beautiful views of parks and ponds, many great schools, and access to downtown allows them to place their investment in an assured growing market!
By the time their child outgrows their room, so will the value of their home have grown compared to their initial purchase price!
Location is where demand and aspiration meet!