2 minute read.
If you live in a Pride of Ownership Neighbourhood, you should consider yourself very lucky, and really, like a VIP. If you’re not familiar with the concept, think of it like this: everybody wants to live in your neighbourhood whether it is due to home architecture, local schools, amenities, mature tree-lined streets or friendliness of neighbours. I am sure if you take a moment to think about it, you can think of a neighbourhood in your town that fits this description. In fact, maybe it’s yours. Pride of Ownership neighbourhoods are those that contain sought after real estate and those that real estate agents know are made up of majority-owned versus the rented property. Not many people want to live amongst a series of shifting tenants in a predominately rented area. Instead, everyone wants to buy, settle down, and have pride in the ownership of their home. As a result, homes do not come up for sale very often in these neighbourhoods. Here are some tips on how to be ready to pounce on that in-demand neighbourhood.
The truth is, homes in these particular neighbourhoods, are not available often. Part of the deal behind the pride part is that the owners have created that spirit. They have had their home for some time, looked after it, and built it up. It’s fair to say that for many people, this is not necessarily their first home, but likely they're last. That means, that if you want to get in, you’ll have to wait it out. The best way to make sure you do not miss out is to contact your Realtor and let them know of your dreams. Then once a home pops up in that area, they will let you know right away.
2. Be Prepared
There are a few additional preparations you should know and think about as you head into the purchasing process for your dream home!
- Learn about the location, the types of people that live there and what the demographic is that predominately occupies the properties. This will help you know if the area is a good fit for you.
- You could reach out to current residents or the local real estate specialists to answer questions you may have.
- Be aware that sometimes, despite homes being well maintained, and the area being prestigious, the homes themselves may be outdated and in need of cosmetic updating so budgeting ahead of time is likely required.
Put yourself first. Pride of Ownership neighbourhoods typically do not have many rental properties or transient owners so those who move there, tend to stay. Think about the property for your family and not so much what the future value will be when you go to sell it down the road. Make sure it does check all the boxes you have. After all, you are in it for the long haul.