Location, location, location is the real estate agents widely shared mantra and there’s no doubt that by now you’ve heard it. But do you know what it means and why location is so important that to drive home the message we say it three times?

What does it mean? Simply put, identical homes can increase or decrease in value due to their location.

What Factors Could Positively Affect Location?

-Top Rated Schools and School Districts

-Scenic views such as lakes, mountains and city views

-Proximity to nature and recreation, walking and bike trails, beaches, ponds, and parks

- Curb Appeal of the area, a well-maintained home and neighbourhood that exudes pride of ownership

-Similar Interests and Values, these features will change depending on the individual and their interests. For example, a busy professional may be more likely to desire a property within walking distance to restaurants, theatres and boutiques while a growing family will likely place a higher value on a home in a quiet neighbourhood surrounded by other quiet families like their own

It’s almost easier to discuss what constitutes a bad location that a good one because the qualities that make a home more desirable varies depending on your own lifestyle or preference

Factors That Negatively Affect the Value 

-Commercial/Industrial Areas, except for living in a desirable downtown area, commercial buildings on your street will diminish values due to increase in amounts of traffic and noise levels

-Busy Roads and Streets, constant traffic and noise, perceived lack of privacy and debris will encourage buyers to purchase another home in a quieter location

-High Crime Areas, people want to feel safe in their own home so if when living in a high crime area you are worried about your valuables and personal safety it’s likely a potential buyer will be as well. These homes can be the most difficult to sell

-Lack of Pride of Ownership, neighbours who show little to no pride of ownership in home maintenance, have excessive amounts of junk and debris present outside, poorly cared for landscaping. Remember to look around the entire area during your home search, you can control your own house maintenance, not that of the neighbour…

-Close to Hazardous Materials, the essential point is that people don’t want to live next door to a nuclear power plant or any other structure that can emanate harmful odors and material

Remember this during your home search, you can easily change paint, flooring, fixtures and at times the layout of a home. What you cannot change and have no control over are the surrounding areas of your home once you have purchased it so discuss with your real estate agent and take the time BEFORE you buy to ensure that you buy in an area that will not only bring you greater enjoyment while you live there but will be more sellable when it is time for you to move