It’s an age-old question for homebuyers and one that can significantly impact the overall cost of your new home: where do you want to live? After all, it’s well-known that homebuying is all about location, location, location! Do you prefer the comforts of downtown city living, or would you rather the wide-open space of suburbia? In this blog post, we look at some important factors to consider to help you decide whether purchasing a home in the city or the suburbs is right for you.
Money
It’s true that you get the bigger bang for your buck out in the suburbs, however, once you consider other costs such as transportation, property taxes, and other living expenses the price difference may not be as vast as first expected. While homes in the suburbs tend to be cheaper, property taxes can often be higher. However, overall, the suburbs still come out to be the more affordable option.
Time
If you work downtown but live in the suburbs, a rush hour commute could take up to two hours of your day – are you prepared to commit to that? When looking at a potential home, it is worth taking into consideration your transit times as well as any additional transportation costs. Would you have to start taking the bus or even purchase a second car? You would also need to factor in gas and parking costs. By living downtown, you may be able to ditch the car altogether and make use of public transportation and the occasional Uber or Lyft ride.
Space
You obviously get more space out in the suburbs, but you shouldn’t overlook the real estate return on the investment potential of a home in the city. The cost per square foot is certainly higher, but often the prices of homes in the downtown core rise faster than those on the outskirts of town.
Proximity to amenities
One huge benefit of downtown living is the walkability and proximity to amenities, such as local businesses, bars, restaurants, and small grocery stores. However, the suburbs generally offer larger box stores and chains, such as Costco and Walmart.
Take a look at your current lifestyle, as well as where you see yourself in five years time. If you love going out to new restaurants and enjoy the nightlife of the big city, then it makes sense to stay there. However, if you’re more of a homebody, have kids, or are looking to have children in the next few years, the safety and space of the suburbs could be just what you’re looking for.
The most important thing to remember when deciding on where to live is what best suits your individual needs. It’s all about finding a home that offers the opportunity for you to easily get to work and run errands, while leaving you with time and money left over. Take a look at your priorities in a home – whether those be proximity to work, school rankings, green space, or local amenities – and make a decision based on those factors. Your home should be an extension of your lifestyle, not a hindrance to it.
For expert advice on neighbourhoods both inside and outside the city, reach out to the knowledgeable team at Royal LePage Performance Realty! Our sales representatives are ready and waiting to help you achieve your Ottawa real estate dreams.
