Chances are you’ve heard the mantra when it comes to real estate that it’s all about “location, location, location.”
Now, what does it really mean exactly?
Before, it used to describe the specific location of your potential home. How it should be on a big lot in a quiet and safe neighborhood in a good quadrant or district of Calgary.
While these requirements still hold up, the new mantra is Actually “Amenities, amenities, amenities,” purchasing a home that’s within close proximity to facilities and things that people need and want.
I’m talking about shopping centers, schools, hospitals and viable transportation options, too. This all accumulates to a good, safe and comfortable lifestyle and environment that has strong potential when it comes to resale value.
In a recent residential study by RBC, it states that a majority of potential homeowners prefer living in a walk-able and transit-accessible neighborhood in the suburbs or city that fits in to a modern day-to-day life.
In the same study, it notes that if cost was not an issue, 80 percent of residents would give up a large lot for a smaller one if it means they will be within walking distance to amenities, have easy access to transit and less driving time.
When asked what residents value the most in choosing a place to live, amenities were noted in three of the five the top answers:
1) Living in a detached single-family home (14.7 percent)
2) Easy access and walking distance to shops, restaurants and other services (13.3 percent)
3) Transit time to work that takes less than 30 minutes travel time (13.3 percent)
4) Easy access to rapid transit, such as subways, GO Train or streetcars (11 percent)
5) Privacy from neighborhoods (10.7 percent).
For a lot of people – especially families, a house near school districts are often considered an indicator of a good location. The region surrounding what is considered the best part of a town often has the same or similar boundaries as the school district itself. Sometimes, the quality of the school is even the reason the region has increased value over the years – thus proving how big of a role amenities play in a property’s value.
Age also plays a heavy factor in determining potential homes as people aged 60 and over showed the strongest preference for living in walk-able and compact neighborhoods (roughly 70 percent). This is despite the higher cost of homes in the area. This is in direct contrast to families that have two or more children, who strongly prefer large detached homes in car-dependent neighborhoods with lower housing costs (59 percent). While amenities might not mean the exact same thing to two different age groups, regardless of age, it still plays a large factor in how a person or family determines their home.
If you’re looking to buy, sell homes or even investment properties, then you should take note of these trends and how the modern household now puts amenities in the forefront of their purchases. While the “location” golden rule is still applicable, it needs to work hand-in-hand with the new golden rule, which is “amenities, amenities, amenities.”
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