Location, location, location… You’ve no doubt heard this mantra many times over when shopping for your new home. Whether you are looking for a home for yourself or a unit that you can ultimately rent or flip, the location of the condo is going to be a major factor in your purchase.
While there are sure to be several factors to be considered when looking for a condo, the location of the building is something that needs to be thought about. There are many things that can improve the quality of a condo location and you’ll need to weigh out which ones are the most significant to you when you start shopping.
The Patty Oliveira Team is laser focused on offering our investors new construction opportunities in only the best locations. Our offerings check all the boxes to ensure long term investment value.
Location features to look for when buying a condo
1. Located near transit hubs
When looking for a prime spot to buy a condo, whether it’s for yourself to for a rental property, looking for something that is well positioned near one or more transportation hubs can be a great move. Though you may have a vehicle, if you ever decide you rent it out or sell your unit this could be a major selling point for many renters or buyers.
In Burlington or Oakville, it’s easy to find a condo near one of the Go stations, so this might be something you want to prioritize in your search.
2. Close to amenities
Amenities like shopping malls, grocery stores, movie theaters and hospitals can help draw a renter or buyer in. Neighbourhoods with great proximity to a wider variety of amenities will often be more in demand than those further away from them. Areas like Oakville, Burlington and Halton that offer an abundance of these businesses locally and therefore allow residents to find everything they need just a short walk or drive from home are great investment locations.
3. Great dining and entertainment nearby
No matter who is meant to live in the condo you buy, they will no doubt be looking to see how close they are to entertainment options like movie theaters, night clubs, bars and restaurants so choosing a neighbourhood that offers a good variety of entertainment and easy accessibility to it is paramount.
4. School district
If you have children, you’ll definitely want to consider which school district your new home would put you in. Choosing a great school district for your kids will no doubt help them as they grow, it will also create a great resale value if you decide to sell down the road.
5. Family friendly neighbourhoods
Keeping the location of nearby parks, playgrounds and schools in mind is a great choice for many situations. Even if you’re buying a unit in an adult only building, the proximity of these amenities can give you a great feel for the neighbourhood as a whole. For example, if the building you are looking at is right next to an elementary school, noise level might be a concern.
6. Great views
As you narrow down your options, considering the view from the condo can help you make a decision. If the lot next door is empty it might mean you’ll be looking at construction at some point in the future. On the flip side, if your condo offers a great view of the city, a golf course or a lake you can feel comfortable that the view will likely help maintain or increase your resale or rental value.
7. Neighbourhood appearance
You want to feel comfortable and happy when walk out of your home or drive around your neighbourhood, so the appearance of the streets you are looking to buy on really do matter. Think about whether you’d enjoy looking at the buildings and yards on that street for years to come.
Location matters more than anything when purchasing a condo
Though there are several things to consider when you hit the condo market looking for a new unit, location is definitely one of the most overarching factors to think about. The proximity of the unit to a number of different amenities and schools can seriously affect your happiness with the condo as time goes on, as well as your resale or rental value if you decide to resell or rent it out. You’d hate to buy a great place then realize that you’ll be stuck in transit for over an hour just to get to a doctor’s appointment!