Harold Samuel coined the phrase “location, location, location” as the three things that matter most when buying a property. Well, he’s not wrong.
The fact that property is immobile is why Location is such an important criteria to consider when looking to purchase a property. Not only the location itself but all the externalities that affect it.
If you are a first-time buyer here are a few tips you should be thinking about when figuring out where to buy.
Understand your affordability. Some areas are going to be more sought after than others, which means the property prices might be considerably higher than what you can realistically afford. Use your time wisely and focus on areas within your price point without overextending yourself.
When you have zoned in on a couple of areas within your budget, it is a good idea to visit them at different times of day. Are you wanting an area that has a hustle-bustle energy to it on the weekends or are you looking for a quieter neighbourhood with limited traffic? It is also important to try to see the area in every light possible, as it can feel completely different on a gloomy wet evening versus on a fun sunny Saturday.
Walk the hood, visit the local shops and restaurants, do a test commute to work (if you’re not working from home), speak to the locals. It is important to get a good feel for an area especially if you are going to be living there for some time.
Consider the area’s future potential. Neighbourhoods can change over time so it’s a good idea to do some research on any upcoming developments. How will the area look in the next 5-10 years? Are they building a new Skytrain station? Is there a shopping mall coming?
Lots to think about and consider when choosing your property’s location. If you are new to the city or looking for a property in an area you are unfamiliar with, I would always suggest taking the time to explore. Alternatively, feel free to lean on us to provide some guidance or tips for some of our favourite spots around town.