Here are 15 things to look for to determine if a neighborhood is the right place for you:
1- Your budget
Your financial means are, of course, a very important factor to take into account. Without a doubt, the neighborhood influences the price of your home. This will impact not only your mortgage amount, but also all the expenses related to choosing your future living environment:
- Municipal and school taxes
- Public transit, gas, and vehicle maintenance
- Internet, phone, electricity, etc.
- Home insurance
- Purchase of a second vehicle, if necessary
- Welcome tax
- Home and yard maintenance
2- Access to public transportation
Whether or not you own a vehicle, a neighborhood well-served by public transit is a major asset, especially for your children's commute.
Plus, opting for public transport to get to work helps you save significantly while reducing your environmental footprint.
3- What you are currently missing
Think about what you miss the most in the neighborhood where you currently live. Are there no dog parks? Not enough parking spaces? Or maybe the metro is too far away? Identify these gaps to better choose your future location!
4- Neighborhood vibe
Cultural activities, parks, green spaces, sports facilities, restaurants, cafes, and local events help create a dynamic social fabric and brighten your daily life. Since these factors can affect your quality of life, it's worth taking the time to research the local community.
5- Proximity to your workplace
Finding a work-life balance isn't always easy. Choosing a neighborhood close to your workplace can be a major asset, helping you avoid long hours in traffic or on public transit.
6- Property taxes
Before committing to buying a home in a neighborhood, check the property taxes you will have to pay now and in the future. Taxes can vary significantly depending on the area and land value. In some cases, opting for the next neighborhood over can lead to significant savings, even if it adds a few minutes to your commute
7- Daily essentials
Does the location meet your daily needs, such as walking your dog or going for your morning run?
8- Compromises
You'll probably need to make a few choices and compromise on certain things. Think these over carefully and weigh the pros and cons before making a decision It can help you see things from a different perspective.
9- General atmosphere
Soak up the neighborhood by spending time there, and take note of all the smells, sounds, and the overall vibe. Additionally, walk around the neighborhood during the day, at night, and on weekends to get a real feel for the atmosphere. When you see lots of people out in the streets enjoying the neighborhood, it’s a good sign.
10- Safety
Check the crime rate in the area.
11- Schools
Look into the quality of local schools.
12- Municipal services
Check the services offered by the city and how they work: parking, snow removal, parks, waste collection, upcoming construction projects, zoning, permits, swimming pools, community gardens, pet bylaws, etc. This can save you a lot of headaches and disappointments.
13- Long-term investment
Buying a property is a long-term investment. It is therefore important for you to think about the future before choosing a neighborhood. Think about your future plans. Are you planning on having kids? How long do you plan on staying in this neighborhood and this house? Are you thinking about changing jobs?
14- Real estate market
Are properties in the area selling quickly? If so, it confirms the area's attractiveness.
15- Future development
Research the neighborhood's future as well. Are there any expansion projects? Will your property increase in value? What could eventually change in the life of the neighborhood and in your own?
