Buying a house or a condo isn’t just about four walls, a roof, and the number of bedrooms. The neighbourhood plays a crucial role in determining the property’s value.
And proximity to schools and local services like daycares, grocery stores, and pharmacies are among the key features buyers look out for. Having them nearby can make all the difference when selling your residence.
Schools: A Powerful Argument
Families are naturally drawn to a neighbourhood with schools, especially reputable ones. While private schools generally admit students living outside district boundaries, public schools don’t. In municipalities with many schools located near each other, the residential address’s postal code determines which establishment children can attend.
It’s thus not rare for buyers to limit their house search to a few select streets.
- Parents are ready to pay a premium to give their kids a quality learning environment.
- Even buyers without children often take this factor into account. Why? Because a property close to a well-regarded school generally retains its value better over the long term. They know it will help their residence stand out when they put it back on the market.
Local Services: Daily Convenience
When viewing a home, buyers typically try to imagine themselves living the type of lifestyle it offers.
If the corner café, library, medical clinic, and bus stop are all a short car trip away, quality of life shoots up. A grocery store or park within walking distance, a pharmacy only two blocks down the street, or a daycare you and your little one can get to with the stroller makes daily life so much easier!
In short, access to local services saves time, reduces travel, and increases wellbeing. As a result, homes near a large number of services are typically highly sought-after.
There exists a direct link between quality of life and strong property values.
The Virtuous Cycle of Demand
A neighbourhood with lots of local shops, schools, and facilities creates a very specific dynamic: the more services are offered, the more it draws in families and professionals. This steady demand often leads to an increase in prices.
Conversely, a poorly served neighbourhood may have difficulty retaining residents, which can negatively impact property values.
The Importance of Long-Term Thinking
It’s to your advantage as a buyer to think long term and stay informed about developments in desirable neighbourhoods.
Is a new school planned for the area? A childcare centre? A commercial development project?
Then again, closing schools or the loss of essential services can slow demand.
To learn more, you can check with the municipality or follow the local news. You can equally contact a RE/MAX Real Estate Broker working in the sector you’re interested in: they’re already keeping abreast of upcoming changes.
A Market Advantage
When filling out a listing, a broker is sure to mention any nearby schools, parks, and shops. They’re central features that both reassure and charm buyers.
Here are a few useful tips.
- For buyers: walk around the neighbourhood at different times of the day. Check if services are easily accessible and if the schools are well attended.
- For sellers: highlight these advantages in your listings and during viewings. Mention the walking or driving distance to key services.
- For co-owners: keep in mind that these factors also affect your building’s perceived value. A condo building located near a service hub will always be more desirable.
When it comes to real estate, choosing a home also means choosing a living environment. And a great neighborhood is priceless! Don’t hesitate to talk it over with a RE/MAX Real Estate Broker — they know the area like no one else.