Ask an Expert: Will Choosing the Right Neighbourhood Pay Off?

At Avi Urban, we work with the experts to help you make the best decisions when buying your new townhome or apartment with us. One of these experts is Laura Parsons, Bank of Montreal Manger of Mortgage Specialists and Calgary Sun Columnist.

This month Parsons answers a question our sales team hears quite often: Is location really that important? “Moving is a big decision,” she shares, “and can be overwhelming when it comes to what community you want to call home.”

When choosing a neighborhood, here are some important things to consider:

1.       Popular Isn’t Always Right: “We tend to migrate to popular areas,” Parsons explains, “but sometimes other less popular communities may have big plans coming up and houses are undervalued, making them good potential areas to consider.”

2.       Figure Out What’s Important to You: “When making this decision, you should consider what is important to you – is it transit service, schools, walking parks, close to work, close to other family members, etc?” Parsons suggests making a list of your priorities, because there are so many factors to consider.

3.       Talk to your Realtor: “Your Realtor can help you uncover the past and future of the desired communities you have identified,” notes Parsons, “and I say, look at the past as well, because what has happened before may impact your decision – for instance, what the land was used for prior to development and for how long.”

4.       Research the Community’s Future: Parsons explains that it’s important to research and ask questions. “Ask questions about the future plans for the area you’ve chosen in terms of roadways, amenities, transit and land-usage bylaws,” she advises, “some of the undervalued areas may be getting assistance from the city to beautify or enhance lifestyles.” Because of these factors, the value of your home in certain neighbourhoods could go up.

“Do your homework,” says Parsons, “ask your Realtor, call the local association to understand their focus and concerns and talk to your banker in the area, as they also may be able to provide some insight to the community you are interested in.”

Talking to an Avi Urban sales team member is also a great option, as our team is fully immersed in the community and can provide maps, details and insight into the neighbourhood you may be choosing to call home.

Any questions? Feel free to contact Laura at laura.parsons@bmo.com or comment below.