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FINDING THE RIGHT LOCATION = LIFE BUNDLES

FINDING THE RIGHT LOCATION = LIFE BUNDLES

Stepping out of the taxi into a bustling downtown financial district, George was ready to take on the world.  Two days from starting his new career in this new city, he just had one thought in mind: ”Where do I hang my hat, and start my new life with my new pregnant wife?”

George needs help finding the right home, in the right neighborhood, at the right price. Coincidentally, this trifecta of elements is integral to the notorious “location, location, location” rule of real estate.

If George describes all the elements of his life to a real estate agent, is it possible for that agent to filter all the requirements down into a simple to understand “bundle” and narrow down their search?

Each one of us can bundle together three unique sets of criteria about real estate that can easily identify us. Every bundle not only defines where we prefer to live, but defines us at a specific period in our lives. We may never remain entirely happy in the same bundle throughout our lives. And even if we do remain in the same place for decades, our heart or needs will tell us that we could really be happier in a different bundle.

Consider the following examples:

Bundle 1: Schools, parks, suburbs = families with young kids, dogs and the need for two-car garages

Bundle 2: Shops, public transit, walking distance to everything = singles, small families, young professionals, downsizers

Bundle 3: Nightlife, low maintenance/low cost, proximity to post-secondary schools = students, 20-somethings

Bundle 4: Rural, large parcels of land, low-cost living, drive 15 minutes just to get a liter of milk = you get the point…

Sometimes it is easier to chunk things into threes, see if you can comfortably fit into that set criteria, identify two or three potential locations, and then dig deeper into the qualities of that location.

George narrowed it down to two very big regions on opposite sides of town. Now he has to consider what happens when he outgrows his current bundle of needs and how this area may satisfy his next bundle.

Let’s remember that time is one of the most important factors of our lives, as well as real estate. George needs to assess his needs over a longer period of time and how his current home requirement may change when the baby starts going to school, or if his family grows. George will also need to consider potential growth in value of his home over time.

Let your Realtor worry about the following: resale value, closing costs, change in urban composition, local trends and municipal plans for the area.  They should also think past today’s needs of your family.

Affordability makes a huge part of your bundle strategy. Plan for your first bundle – and for the inevitable bundle thereafter.

Office: P. 416.441.2888; F. 416.441.9926; 2145 Avenue Road, Toronto, Ontario M5M 4B2
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