Cosmetic upgrades are easy, and even a major renovation can be done, but the location of your home is one element you cannot change. Therefore, choosing the right location should be a top priority when you’re first looking to invest in a home. “When it comes to our first home, we made a very smart decision,” Sarah Baeumler told Royal Bank of Canada. “We bought for the location, we bought for the land. We saw all the potential it had, which made it a smart investment at the time.”
What makes a good location for one potential homeowner may not make it onto the priority list for another. Think about what you want and create a checklist to help you choose the best option. Consider how close a neighborhood is to amenities like grocery stores, restaurants, and shops, suggests Investopedia. Are you able to walk to them, or will you need to take public transportation or drive?
For parents, location often affects where their kids will go to school. It might also be important to live near other families or parks where children can play. Lot location can be a factor, as many wouldn’t want to live near a highway or on a busy road. Crime and safety may also be top priorities when it comes to location. These are things you can’t change once you’re there, but you can control before you buy.
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