When It Comes To Real Estate Location Is Key
You have all heard it before when you are looking to buy real estate it is all about LOCATION, LOCATION, LOCATION! Right?
Well sure, everyone has heard that gem before, but what does that actually mean? The reality is it will mean different things to different people, depending on a lot of factors.
Factors That Go Into A Real Estate “Location”
A great location for someone who has kids may be within a block of a great school so the kids can walk. A home next to a school may not be as desirable to a single professional who places greater priority on walking distance to the trendy bars and restaurants.
Before you start your home search it is important to take a little bit of time and make notes on what you would consider a positive in location and what would be a negative.
Once you have a list of the pros and cons of locations you should start to consider what kind of features you need. If you are the family wanting a home by the schools so your three kids will be able to walk to school, you might also want a large fenced back yard. And because you are blessed with three girls you know that sometime in the not-too-distant future you are going to be fighting past the curling irons and makeup to have a shower… that is if you can beat the kids to it in the morning.
Dad may say he needs a garage because he can claim it as his domain and can hide out and polish the car to get away from the days stresses. The young professional may be looking for a short commute to work and has no need for more than 1 bathroom.
Whatever it is you want as a “feature” make a note of it.
Now that you have gotten all excited and made a list of your dream features it is time to get down to business. Go and talk to your bank or a mortgage broker and find out what you are qualified for. This, in my opinion, is the MOST important step.
There is nothing worse than taking a buyer out to view properties and have them fall in love with a home only to find out it was way over budget. Do you really think anything else will compare to the home of your dreams that you have seen and already visualized the family living in? Not a chance.
Once your heart is set it better be aligned with your pocketbook, or we will never be able to find anything that will compare. Save yourself the heartache and find out the budget you have to work with BEFORE you go and look at homes.
The next step is to pick a Realtor. If you happen to be looking at Edmonton area real estate, I happen to know a great one! 😉 Look for someone who has expert level knowledge of the area you want to buy in. It can be very frustrating as a buyer when you find a home that you love which seems to fit the criteria, but your Realtor knows nothing about the neighborhood.
A good Realtor is one that can answer questions about what you find important. A great realtor is one who works with you to understand what you find important and takes that into consideration before you have to ask.
Starting Your Home Search
Any Realtor can set you up on an MLS search and let me just say that if all they do is start feeding you listings and then wait for you to scroll through them all and call them to ask about a property, you picked the wrong Realtor.
A great Realtor might get you set up on a quick search based on what you tell them you are looking for, but they will then dig deeper. I personally like to get you on the ground looking at homes as soon as possible so I can get a feel for what you like and don’t like in person. Remember, the pictures you see in real estate listings can be very deceptive. I have seen my share of Realtor pictures of homes that have been taken with a wide angle lens from just the right angle on top of a chair to know you need to see the inventory in person so we can get you into what you really like.
It’s also important when working with your Realtor to keep an open mind. I have worked with buyers who told me that they want a 2 story house and so don’t show them anything but 2 story houses. After seeing a few 2 story homes with these buyers and listening to what they had had to say it quickly became clear that a 2 story in their price range didn’t have enough main floor living space. I threw a couple of ‘comparison’ bungalows in the mix and the buyers fell in love.
If all I had done was send these buyers 2 story listings and only showed them 2 story listings, they might still be searching for the home of their dreams.
Also, much like a yoga devotee, flexibility is important. It is critical to have a features list and to know the budget going in and to work with a great Realtor who will help you check as many boxes as possible in the right neighbourhood, but remember that everything you put on your features list and even community requirements may not ALL be available in one house. You will need to prioritize as you go through the progress and find the best home for the best price in the best location FOR YOU.
After that, all that remains is the packing.
Real Estate Investors
This doesn’t just apply to families looking for places to call home, but it holds true for real estate investors as well. Many real estate investors are experts on the deal. They can structure the offer, arrange the financing and breeze through the paperwork, but they often need local knowledge – especially if they aren’t from the community themselves.
A good investor Realtor will be able to tell you whether the home is underpriced for the neighbourhood and which schools and amenities are nearby. A great Realtor will work with you to understand your real estate investor needs.
What is the tenant profile you are looking for? Looking to attract families? Your realtor should be able to tell you what the demographics of the neighbourhood are – is it attractive to young families, is there a dog park nearby, what are the school options? Looking to attract young professionals? Your realtor should know how far the nearest sushi restaurant or micro brew pub is, and what the local nightlife options are. Students? What about public transit and walkable shopping?
It might seem silly to think of picking a Realtor based on some of this criteria but how bad would you feel if you bought your investment property and find out a month later the school is a 45 min bus ride and the pickup time for the kids is 7 a.m. and the kids will have nobody to play with on the weekends because everyone else in the neighbourhood are empty nesters.
