03 Dec Will the Neighborhood Go Up in Value?
Will the Neighborhood Go Up in Value?
When you purchase a home, you hope it will continually go up in value – just like a good investment.
However, there’s something else that you also want to see increase in value: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in the years to come. If the neighbourhood goes down in terms of desirability, so will the market value of the home. We have often hear the phrase “location, location, location” and its importance in a home’s value. A home’s value will be affected by neighborhood characteritiscs: are shops and amenities close by, as well as good schools? Is there a variety of parks and recreation facilities, good access to transit and major routes. What is the density of the neighborhood like? is it all townhouses and apartments or is there a mix of housing types?
So, when you’re shopping for a new home, get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.
How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride in ownership” – a clear indication that owners value their homes and the neighbourhood. Make several visits to the neighborhood on different days and times, i.e. peak traffic times, a weekend afternoon, mid evening, and see if you notice any differences.
Another way is to do some research. Has crime gone up in the neighbourhood? Are there improvements planned, such as new parks, new shopping centers, new housing? Is there planned infrastructure improvements, new commerical projects? How do the neighbourhood schools rank?
Here are some tools that may help you do some research.
Interactive maps of the City of Ottawa – inlcuding Geoottawa
Fraser Institute School Rankings
City of Ottawa – What’s Happening in Your Neighborhood
Ottawa Police Community Safety Data Portal
Some information may be difficult to get on your own. That’s where we can assist you and use our knowledge of Ottawa neighborhoods, builders and experience in locating information.
Learn more about how to determine market value at What is the Market Value of Your Home.
Do you have Real Estate questions? As experienced Ottawa REALTORS® we would be pleased to help you.