Welcome! Today, we’re discussing one of the most debated topics in real estate: What's more important when buying a home - location or size? This age-old dilemma has puzzled homebuyers for generations, often, when I work with clients, this question is asked, and I thought it would be good to create a vlog on this.
Why Location Matters
Let's start with the classic real estate mantra: "Location, location, location." There's a reason this phrase is repeated so often in the industry.
Property Value: A home's location is often the most important factor in determining its value. A great neighbourhood can help sell your home faster and for more money than similar houses in less attractive areas.
Quality of Life: Your home's location affects your overall quality of life, including school choices, commute times, and social opportunities.
Future Appreciation: Homes in desirable locations tend to appreciate more over time. As demand for a location increases, so does the property value.
Key Location Factors
When considering location, keep these points in mind:
Centrality: Cities with limited room for expansion, like Toronto, often have higher property values.
Amenities: Proximity to grocery stores, restaurants, entertainment, recreation centres, libraries, parks, trails and public transportation can significantly impact a home's value.
School Districts: Even if you don't have children, the quality of local schools can affect your home's value.
Safety: Low crime rates make neighbourhoods more desirable and can increase property values.
Future Development: Plans for new schools, hospitals, or commercial areas can improve property values in the future.
The Argument for Size
Now, let's look at why size matters in home buying.
Growing Families: If you're planning to start or expand your family, a larger home provides the space you need.
Entertaining: More space means more room for hosting guests and social gatherings.
Work from Home: With the rise of remote work in recent times, extra space for a home office can be critical for a family.
Storage: Larger homes offer more storage options, which can be a significant advantage for many buyers.
Size Considerations
Larger homes typically cost more, not just in purchase price but also in maintenance, utilities, and property taxes.
While size does affect value, it's not always proportional. A well-designed smaller home in a great location might be more valuable than a larger home in a less desirable area.
The Verdict: Location vs. Size
While both location and size are crucial factors in home buying, location often edges out size in terms of long-term value and lifestyle impact. However, the best choice for you will depend on your specific needs, budget, and future plans. Let’s explore some finer points,
Flexibility: You can always renovate or expand a home, but you can't change its location.
Long-term Value: Location tends to have a more significant impact on long-term property value.
Lifestyle Fit: Consider your daily life and what matters most to you - proximity to work, schools, or amenities versus having more space at home.
Remember, a home is more than just an investment - it's where you'll build your life. So, consider both factors carefully, but don't be afraid to follow your heart a little too!
That's all for today, folks! If you found this information helpful, don't forget to like, subscribe, and share your thoughts in the comments below. Take good care and I will see you soon!
Wish you all the very best! Reach out to our dedicated team at Elixir with any queries you have about real estate, and we will do our best to help.
Mudit Mehta
Broker of Record
ELIXIR REAL ESTATE INC.
Off: 416-816-6001 | [email protected]
