Hidden Gems: Benefits of Buying In A Less Popular Location
Given the price of housing in Canada today, it’s not surprising people are willing to consider less sought-after locations in search of affordability. But in addition to saving money, many buyers are finding these “hidden gems” are great places to call home, as they typically have benefits they hadn’t even thought of before they made an offer.
Buying on a Bus Route or Busy Road
If you’re willing to compromise on location, you can get a newer home, a larger lot, and lower property taxes for the same money as a more ‘ideally located’ neighbourhood. Noise concerns and traffic are now being trumped by several benefits:
- Shorter Commutes: Living on a bus route or busy road often means quicker access to public transportation, reducing your commute to work or grocery stores.
- Priority Snow Plowing: Your road will likely be plowed first after every snowfall, ensuring that you’re never snowed in.
- Environmental Impact: By using public transportation more frequently, you can reduce your environmental footprint by leaving the car at home.
Proximity to an Airport
If you’re okay with the hum of airplanes departing throughout the day, living near an airport can offer unique advantages:
- Time and Stress Savings: You’ll save time and reduce stress when it comes to flying, as you’ll be just a short drive away from the terminal.
- Income Potential: Increase your income potential by renting out part of your home to short-term business or holiday travelers. The convenience of your location can be a huge draw for guests.
Up-and-coming Neighbourhoods
These often overlooked areas usually give buyers more home at a lower price and can often see:
- Pride of ownership: Those who can see the vision of where a neighbourhood is headed and have the ability to jump in now can ride those home values up over the years together with neighbours that take care of one another;
- Investment Opportunity: Gives the buyer the ability to invest in renovations that add real value to their home; and
- Above-average Increases in Property Values: Up-and-coming neighbourhoods are often the best investments as the neighbourhood becomes more popular.
Being next to a school, hospital, or fire station
Families, listen up! If you have younger children, buying next to a school can save a lot of time and money as they can walk to school and gives them a sense of responsibility. However, people who like peace and quiet tend to prefer a home that isn’t too close to a school, hospital, or fire station. But living across the street from some of these facilities can make life a lot easier for busy families when you think of features like:
- Close proximity: the density of parks, playgrounds, libraries, and daycares are much more nearby schools;
- Lower Home Insurance: Proximity to a fire station reduces your insurance premiums;
- Potential for Higher Resale Values: As population density continues to drive demand for schools and bus routes, future buyers with families of their own one day may pay more for this accessibility; and
- Emergency Response Time: Quick access to fire or medical services in the event of an emergency, response times are significantly decreased.
Remote or suburban areas
Many buyers previously steered clear of remote and suburban areas, opting for more central locations. However, there has been a shift as some buyers now actively choose these neighborhoods for a slower, more peaceful lifestyle.
In a world saturated with constant stimulation, numerous buyers are opting for rural living to enjoy a more peaceful environment. Suburban areas offer additional space, bigger houses, and greater affordability.
Apart from tranquility, rural living offers benefits such as:
- Lower property prices: Compared to urban regions
- Strengthening of Relationships: A strong community bond
- More Space: Greater lot sizes and living spaces suitable for growing families
Concerned about missing the conveniences and activities you are accustomed to in the city? Remote areas may be a wonderful place to raise children, with easy access to nature and a close-knit community.
In conclusion, while less popular locations may come with perceived downsides, the upsides can far outweigh them. From financial savings to lifestyle improvements, these hidden gems offer more than meets the eye. So next time you're in the market for a new home, consider looking beyond the usual hotspots—you might just find your perfect match in an unexpected place.
CENTURY 21 Assurance Realty Ltd.
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CENTURY 21 Assurance Realty Ltd.
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(250) 869-0101
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