Deciding between urban and suburban when looking for a home
When it comes to buying a home, there are many choices. New or resale? Condo or townhouse? Urban or suburban?
They say the three most important rules in real estate are location, location, location, so when you’re choosing the location of your home, you better choose it wisely.
There are many things you can change about your home – you can renovate it to the nines – but location is one thing you can’t change. You want a property type and location that works for you and your family for years to come.
Let’s look at the pros and cons of choosing a home in the city versus the ‘burbs to help you decide what the best fit is.
Urban
Why spend hours commuting to work when you don’t need to? Wouldn’t it be great to be within walking distance or a quick bus ride to the office? Not only will you save time on transportation, you’ll save money, which you can put toward reaching mortgage freedom sooner.
While everything is typically sprawled out in the suburbs, you can often get by without a car in the city. That’s because everything is often at your doorsteps. Amenities, such as shopping, restaurants and parks are usually not that far away. If you’re looking to enjoy a night out on the town after work, the entertainment district is often only a few minutes away and hidden gems can be found everywhere. If you’re going to take advantage of all those amenities, urban living makes a lot of sense.
But urban living isn’t without its tradeoffs. If you want to live in an in-demand location, you’ll have to be willing to make compromises. This usually comes in the form of property type. If your dream is to own a spacious home with a yard, unless you’re getting a lot of help from the bank of mom and dad, buying a home like that in Toronto or Vancouver isn’t realistic. You’ll usually have to choose more affordable options, such as a condo or townhouse. That’s perfectly fine if you enjoy that lifestyle, but it’s not right for everyone. Make sure it’s right for you before you buy to avoid needlessly moving and paying closing costs.
Suburban
While a lot of millennials may prefer urban living, once you’re ready to settle down and start a family, that’s when the suburbs can make sense. Everything may not be at your doorstep in the suburbs, but they still have plenty to offer.
If property type is important to you, then your home buying dollars typically stretch further in the suburbs. While you may only be able to afford a shoebox condo as a starter home in a prime location in the city, in the suburbs you may actually be able to afford a house with a yard. As long as you‘re going to take advantage of the yard and don’t mind the extra maintenance and expenses that come with a house, suburban living can make sense.
If you’re raising children, the suburbs typically offer better parks and schools nearby. The suburbs also tend to be safer and have a lower crime rate than the downtown core. Although you may not have the entertainment district at your doorstep, there’s typically a lot of affordable retailers like supermarket and big box store within a short drive.
The biggest downside of suburban living is commuting. Before you buy in the suburbs, estimate how much time and money you’re going to spend on commuting to make sure it’s worth it. If your commute is any more than a total of two hours daily, you might want to think twice before buying a home there.