People in search of a new house have different ideas in mind, with one common denominator; everyone wants to find a good neighbourhood. If you’re a young first-time buyer, you’re likely looking for somewhere affordable, perhaps in an exciting area with a thriving nightlife or tons of nature trails to explore.
If you’re searching for a house for your family, a safe community close to excellent schools could be top of mind. Beautiful parks and playgrounds where children can get outside and play may also be high priorities.
Investors are always on the hunt for potential. The possibility of earning passive income while the property appreciates in value can make it easier to see the bigger picture.
The trick is to spot just the right neighbourhood that meets all of your current and future needs. These niche areas aren’t always easy to spot. That’s why we’re dedicating an entire post just to finding the best up-and-coming neighbourhood in Guelph and the Tri-Cities.
Do you want customized guidance to help make your real estate investments a success? Learn more about how our team works with investors in Guelph and the Tri-Cities.
Start With a List (Preferably Two or Three)
Listing out everything you want in a location right now is perhaps the most straightforward part of this process. That’s not to say that it’s easy, and it will depend on your reasons for buying.
An investor acting solely for financial reasons will have different goals than someone searching for the perfect spot for their family’s forever home. Still, the first step to finding what you’re looking for is defining it.
Think of everything you want currently. For example:
- Is access to public transit important?
- Do you prefer an established area, full of trees and landscaping or a house in a brand-new area still in development?
- Should you consider a home close to reputable schools? (Even if you don’t have children, the presence of highly-rated schools, colleges, and universities can help your home retain its value during slower markets.)
- Will you enjoy a bustling neighbourhood full of great shopping and entertainment, or is something quieter more aligned with your goals?
Anticipate Your Future Needs
Pinpointing your ideal neighbourhood to suit your current lifestyle is one thing. The real challenge is finding something you love now that will also grow with you as the years go by. However, it is well worth the effort, both in terms of lifestyle and as a financial investment. Remember that you have more potential for equity growth the longer you stay in one home. That’s why you should also create a second list that accounts for how your needs may change over time.
For example, imagine buying a condo today primarily because you love the view from your balcony. After moving in, you discover that a new, taller building is in the works!
An experienced, local real estate team can help you spot the best neighbourhood here in Guelph or the Tri-Cities. We know these areas inside and out, not just as they are today, but we also have an eye on what is coming in the future.
Let’s say you find a house now that is a little more remote than you would like. If, however, a series of businesses, restaurants, and boutique stores is on its way, it might actually be the perfect long-term location.
If you crave peace and quiet and purposely buy a rural home, the last thing you want is for the city to come out to you. Working with a skilled Realtor® is your best insurance that the house and neighbourhood you fall in love with today will still feel like home five years from now.
Before finding your neighbourhood, you first have to choose a city. Is Guelph right for you? The posts below might convince you:
When to Compromise, When to Hold Firm
The ideal outcome is always finding and buying a property where both the house and neighbourhood check every single box and then some. It’s fantastic when it happens, but often, a buyer will need to make a few compromises here and there.
Creating yet another list will help you maximize your buying experience. Think of your top priorities where you are not willing to budge. Safe, family-friendly, and close to parks and schools may be non-negotiable if you have children, or plan to.
On the other hand, a neighbourhood that is slightly older, where the houses aren’t quite as modern as those a few blocks away might not be a dealbreaker – especially if it means you get in at a more affordable price.
What else do you need to know before committing to a house? Find out in the posts below:
- 10 Things To Consider When Buying a Home
- What Is the Importance of a Final Walk-Through?
- Checklist for Buying a Home
The Subtle Signs to Watch For
Identifying the right location goes beyond what a neighbourhood looks like when you’re just driving through. In general, however, the following signs could indicate a fantastic opportunity:
- A neighbourhood that looks rough but is undergoing improvements. If new homes are being built and businesses are moving in, property values could be about to rise. With a little luck and great timing (as well as expert guidance from your Realtor®), you could get in at a lower price.
- Close proximity to other nice neighbourhoods. The trick is to buy in before other house hunters take notice.
- Major developments. Look for old factories or other large pieces of land that are currently not in use, but are potentially very valuable. If developers start turning these into lofts, it’s a sure sign of a neighbourhood that’s on its way up. Who doesn’t love a unique, one-of-a-kind hard loft? Even if it’s not your preferred structure, their very presence can add value to surrounding homes.
- Access to public transit. Many home buyers place a high value on convenience and an easy commute. If an undiscovered area will soon be getting a new transit hub, home values could be about to soar.
- Young people moving in. Younger buyers are often priced out of established neighbourhoods. However, once they start moving in, restaurants, shops, bars, and entertainment venues follow, and the whole neighbourhood enjoys a resurgence.
- Interesting architecture. This may be a sign you didn’t expect, but it’s definitely something to watch out for as you’re browsing online listings and strolling through neighbourhoods. Historically significant styles, in particular, are a good indicator that an area will soon be in high demand.
Have you identified an area of interest and are ready to start looking for “For Sale” signs? Our top Guelph real estate agents are here to guide you every step of the way. Reach out to info@gowylde.ca or call 519-826-7109 for more information.
