Blog

Friday

7

SEPTEMBER

2018

Winnipeg Mortgage Brokers - 10 things to know about your new neighbourhood

When searching for the perfect house, you are also searching for the perfect neighbourhood. There are many variables to consider, so to assist you, we have listed 10 things you should know about your new neighbourhood below:

  1. What are the neighbours like? Take time to get a feel for the locals and how you might fit in. Does the area attract empty nesters and retirees, for example, or is it characterized by young families? A real estate professional can help inform you about demographic trends.
  2. Does is fit your lifestyle? Your homebuying checklist may include amenities that are must-haves for your lifestyle, such as access to public transit, a strong community centre, a place of worship, or even a great dog-walking park for your pet.
  3. What are the schools like? Some schools are in such demand that parents will seek out a home in that area. Even if you don't have young ones at home, a location in a desirable school district can give you an advantage if you decide to resell.
  4. What will your commute be like? If you drive to work, test your prospective new route in rush-hour conditions. Add up any additional costs you might incur for fuel, parking, or public transit.
  5. Is there commercial activity nearby? Shops and recreational facilities can help an area thrive economically and may add to a neighbourhood's attractiveness to some buyers. On the other hand, consider if the traffic levels or noise will be an issue.
  6. Is there a homeowner's association? Condo or neihbourhood associations can bring people together, instill a sense of belonging and advance the needs of the community. Many have their own volunteer-run websites, so search the Internet or inquire at city hall.
  7. Is the neighbourhood new? Don't judge a new development solely by the plans. If you can, go to the building site to see where things will be in relation to a lot or building, such as street lighting, fire hydrants, transformers, driveways, or intersections. Raise any questions with the builder or representative before you buy.
  8. How is an older neighbourhood showing its age? Consider the area's infrastructure, from roads to utilities to schools and other public facilities. Are improvements part of a city or town's long-term plan?
  9. Will there be new development? If you love a home for its adjacent green space or unobstructed views, don't just assume it will stay that way. A real estate professional can tell you about zoning changes or planned construction that may affect enjoyment for your home. Keep in mind that well-planned development can also enhance the value of a neighbourhood and improve its infrastructure.
  10. Are there restrictions? Some municipalities have unique bylaws to restrict things such as new driveways, pools, or sheds. In some private developments, land title may include restrictive covenants to limit you from anything from stringing a clothesline to painting your front door an odd colour. Ask early to avoid any surprises at closing time.

Tip - before you begin your search, don't forget to start with a list of priorities to ensure you know exactly what it is you are looking for in a neighbourhood. Your list, along with the 10 questions above, will help you stay on track as you view potential homes.

For more information on how to get pre-approved before beginning house-hunting, contact the experienced Winnipeg Mortgage Brokers at One Link Mortgage today at 204-928-7722.