When you purchase a home, you hope it will go up in value. Like a good investment. But there’s something else that you need to remember: the neighbourhood. The neighbourhood plays a key role in what the home will be worth in the years to come. If the neighbourhood goes down in terms of desirability, the same will happen to the value of your home.
If you are a long-term resident of Kitchener-Waterloo or Cambridge, you probably have a good feeling of different areas in the town. If you are relatively new to K-W and Cambridge, it is better to take a walk and look at the properties. Are they well maintained? Is the landscaping groomed and attractive? Those are signs of “pride in ownership” – a clear indication that owners value their homes.
Talk to your realtor who is familiar with Waterloo region. Realtors know neighbourhood schools rank, crime statistics, what improvements planned, any new parks, etc. What’s the future potential of the neighbourhood? Everyone has different tastes when it comes to neighbourhoods. What’s “noisy” for one person may be “vibrant” to another. We, realtors, know what kind of people get attracted by different neighbourhoods. As a buyer you pay nothing for this valuable information.
Neighbourhoods are like people – grow, get mature, changing during time. A neighbourhood that was considered bad five years ago may have been transformed. Your realtor will highlight the new reality for you. What are the pros and cons of the neighbourhood? Every area has some. When I’m talking to buyers, I make sure to point out both.