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Tips For Buying a Home in a City

Posted by Justin Havre on Monday, January 28th, 2019 at 11:35am.

Buying a Home in an Urban Area Buying a home in a big city can be very different from buying a home in a small town or a rural area. Parking, traffic and neighbourhood amenities can all impact a homeowner's experience in the area where they buy. Knowing what factors to consider can help you pick a property that will meet your needs and enhance your satisfaction with your home.

Visit the Neighbourhood Day and Night

Some neighbourhoods in big cities can change dramatically after the sun goes down. Prospective buyers spend time walking around their chosen neighbourhood after the sun goes down. If you don't feel comfortable in the neighbourhood of your choice, keep looking until you find a place that's right for you.

Drive the Commute

Big metro areas are known to have at least some traffic problems. A home that's 15 minutes away from your workplace in mid-day traffic might be an hour away from your workplace at rush hour. Once you've chosen a neighbourhood or a house, drive the commute in the morning and the evening to see what kind of commute you'll be facing when you move into the property.

Shop For the Right Amenities

One of the great advantages of living in a big city is the presence of amenities like restaurants and grocery stores. As buyers pick a neighbourhood where they would like to buy a home, they should also check out the amenities in the surrounding area. Choose a neighbourhood that has amenities that matter to you, so you can get the most out of living in your home.

Home buyers with big plans for the future may also give thought to amenities that will matter in the months and years to come. For example, couples planning to have children may look for neighbourhoods with kid-friendly features like good preschools, good grade schools, playgrounds and recreation centers.

The Relationship Between Home Cost And Proximity To Amenities

Living in the city has great perks, and this means that the cost of any property purchased is going to be higher than more rural areas. People love living close to entertainment venues, restaurants, shopping and nightlife. This translates into high purchase prices for homes in the area.

For homes that are too close to an amenity, such as one that is too close to the subway station, prices may dip a little. It all depends on how desirable the property is to potential buyers and what the area comparable properties are. When an amenity becomes an inconvenience or causes problems with people who live in the area, the home prices may go down a bit.

When there is an area of the city with quality shopping and excellent dining options, home buyers can expect that the cost of these properties will be at a premium. People who want the convenience of living in the city are going to be willing to pay more when it comes to a home that is close to amenities.

If searching for a property within the city, be mindful of various neighborhoods. When a property is a good deal, this may be because the area is not one that is very safe. Expect to pay more for a decent living space that is both in a good neighborhood and near amenities that people enjoy. Home prices within any city rise as the economy of the area grows. Residents are willing to pay higher prices when the convenience is worth it.

Know the Parking and Public Transportation Situation

Some city neighbourhoods lack street parking, while other neighbourhoods require a permit for overnight parking. It's a good idea to pay attention to parking signs and ask about parking requirements before making an offer. In some cases, parking or access to public transportation can help home buyers make a decision between two properties. In addition, having bus stations or train stations within walking distance of the house can help homebuyers save money on their commute to work, and should be considered an advantage.

Plan to Get Comfortable With the Neighbours

Big city properties tend to be small, with homeowners living in close quarters with their neighbours. Upon visits to a prospective house, pay close attention to the neighbouring properties. Be wary of buying a property next to neighbours who seem to be too loud or too relaxed about property maintenance, as these problems are unlikely to improve with time.

Work With Your Real Estate Agent

Working with an experienced real estate agent can help you find a property that you'll love. Your real estate agent will be able to help you pick a property that will meet your needs. In addition, an experienced real estate agent will be able to point out red flags about properties that you're thinking about buying, so you can purchase a property that you'll be happy with for years to come.

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