DivorceMag: Right At Home

Right At Home

Quick tips on how to find the right home for you.

By Melvinder Singh

There's no doubt about it: buying a home requires a substantial investment. In fact, for most people, it will be the largest single item they will ever purchase. But it's also important to remember that when you buy a home, you are also investing in the neighborhood that surrounds it. The identity of that neighborhood is often just as important to the property value as the individual house. It's important to know the ebb and flow of a neighborhood because your future home is part of its daily rhythm.

The first thing to consider when choosing a place to live is that old credo of real estate agents everywhere: "location, location, location." It may be a cliche, says Sandy Bodnar, a real estate agent with ReMax, but where you choose to live is important. "In Toronto, prime locations include the Kingsway area, Rosedale, Forest Hill, mid-town Toronto, the Bridal Path, the Beach and Toronto west," she explains. "These areas have the benefit of not only being prestigious places to live, but they also fetch a higher price in the resale market."

Another important element of choosing a location is its access to the subway system. "While the subway is important to some, and not to others, there is one indisputable fact," adds Bodnar. "Living close to a subway increases home prices significantly."

Pricing is an obvious factor when choosing a new place to live. One way to determine if the sale price is accurate and competitive is to check what properties in the neighborhood have sold for within the last three months. "Not enough agents do a comparative market analysis (CMA) when selling a property," claims Bodnar. "In competition, a buyer may pay more than he or she wants to -- or should. If you're paying the higher price in order to get your 'dream home,' your real estate agent will be happy to sell it to you. But it's generally a good idea to know the values in the immediate area for similar properties." That way, you'll know if you're offering too little or too much.

It's also important to consider the quality of neighborhood planning, future development, and local zoning bylaws. Resale values, and even future property taxes, are likely to be affected if the neighborhood undergoes any significant changes. Find out if developers are interested in the neighborhood. If so, find out what kind of projects they have planned, and if it will affect your zoning bylaws. "Your particular area's zoning bylaws are important for two key reasons," says Liz Zammit, an agent with Coldwell Banker Pinnacle Real Estate. "First, if you're considering taking on a boarder for added income, make sure that you can do so in the given area. Secondly, if the house you're considering has a basement apartment, be sure it follows the regulation laws and is a legal apartment that has been retrofitted."

One of the most important factors in choosing a new home is safety. While it's true that no neighborhood today is completely immune from crime, some areas are always going to be higher risk than others. "A good way to determine where the relatively safe areas are is to thoroughly investigate the area you're interested in," explains Liz Zammit. "Your real estate agent will be able to inform you of the highs and lows within a certain circumference of your chosen home." Local police/neighborhood watch programs can also be a good source of information, she adds. "These programs can provide you with the statistics for break-ins and car thefts in the area."

There's also the matter of the community itself -- its essential character and services. It's important that the community matches your lifestyle and fits within your own vision. "You should drive through the neighborhood and take note of the community activity," says Kathy Monahan, a real estate agent with Forest Hill Realty. "And you should revisit at different times of the day (and night) to appreciate the ebb and flow of the area." Talk to people on the street. Visit nearby schools, local businesses, art galleries, and places of worship. Subscribing to the local paper is another good way to get a feel for an area; most local papers are chock-full of information about the community.

Consider preparing a checklist of questions to refer to when appraising a neighborhood. Modify the following checklist based on your own unique needs:

Where are the major streets in the neighborhood located? Is the street used by commuters? How easy is it to access the neighborhood from the highway? How far away are the subway and/or GO stations? How often do the streetcars and buses run? Where are the schools and libraries? Where are the nearest grocery and convenience stores? Where are the nearest doctors, dentists, and hospitals? What entertainment facilities (theaters, rec centers, parks, etc.) are available? Frequency of garbage collection, snow removal, and mail delivery? The last component to consider when choosing a new home is the people who actually make up your neighborhood -- your neighbors-to-be. "Some neighborhoods have a pattern when it comes to identifying certain age groups and ethnic groups," says Zammit. "A more established area, for example, will have people who've been in that area for a long time, so the trend would be to an older age group. Alternatively, newer homes in the outskirts are generally less expensive and tend to attract younger families; change tends to occur here at a much more frequent rate."

In the final analysis, the choice of a new home is an extremely personal and individual one. Seek the help of a qualified real estate professional to help you redefine your parameters and narrow the field. By making your needs known to your agent, and by researching the neighborhoods that appeal to you as thoroughly as possible, the chances of finding your "dream home" will increase exponentially.

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