Finding Your Forever Neighborhood

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

When I meet with first-time buyers, they often share their dreams of their “forever home” with me. Whether it’s a character house with a front porch or a sleek 2-storey infill, they have a clear idea of what that dream forever house looks like. In most cases that forever house doesn’t match with their “today” budget, so some compromises are necessary.  This often leads to a discussion about stepping-stone homes. Maybe the first home is a one-bedroom apartment condo or a smaller townhouse. From there, perhaps they’ll move to a single-family home, and eventually for some, a larger two-storey house with a double garage as their family expands. Every family’s journey is different, but stepping-stone homes are common for most buyers.

Some people love change, so moving isn’t a big deal, but for most of us, moving house is a major life event. It’s costs time and money, and if you’re moving from one part of the city to another, there’s often an emotional cost as well. From leaving neighbours you know (and hopefully like!), to changing your route to work and your regular errand spots, changing location is what creates the most change, and stress, in a move.

What if you could make those stepping-stone moves and not change location? It’s actually possible, if you focus on your forever neighbourhood rather than your forever home. What’s a forever neighbourhood? It’s the neighbourhood that offers you the things that matter most. Whether you love tree-lined streets, or value a neighbourhood where you can walk to everything you need, if you can find a neighbourhood that offers those features and has a good variety of stepping-stone homes, you can move properties without moving your life. Here’s a great example of a family that’s done just that. Their first house was a small split-level with no garage. They later added one and enjoyed that house for many years. As their family grew, they purchased a larger two-storey house a few blocks away, this time with the large yard they’d always dreamed of, and the attached garage they wanted. When their kids grew up, they downsized to a bungalow-style townhouse a few blocks away. While each move was still significant, it was a much smaller emotional move for them than if they’d moved across Edmonton to find their next property. They still run into their old neighbours when they’re out walking, and they still shop where they shopped years ago.

Not everyone will stay in Edmonton of course. Career opportunities and the adventure of living elsewhere will take many home buyers out of the city when they make their next move, and that’s all great! But for those buyers who intend to put down roots, and long to buy their “forever house”, finding their “forever neighbourhood” is a smart way to get there.

If this sounds like you, here are a few simple steps to help you find your “forever neighbourhood”:

• Just like you have a list of wants and wishes for the property you buy, create that list of wants and wishes for the neighbourhood you’d like to live in. In this case, you’ll want to consider your current preferences, as well as what you might need in the future, such as schools within walking distance if you’re hoping to start a family one day.
• Meet with your REALTOR® and find out what neighbourhoods they’d recommend, given your preferences. We’ve got so much knowledge to share to help you discover areas you’ve perhaps never considered!
• Ask your REALTOR® to give you a list of properties that have sold in the neighbourhood (yes, sold, not active!), that range from the home you can afford today to your forever dream home of the future. By looking at sold properties from the last 6 months to a year, you’ll be able to see what homes are actually selling for, and what kind of homes are typically available in that neighbourhood.
• Once you’ve discovered a few neighbourhoods that have the variety of homes you’ll need for your stepping-stones, do some walking, cycling, driving around the area and see how it feels. Looking online is a great start, but the only way to really know if you want to live in a neighbourhood is to get out from behind your computer and get into the area.
• Eventually you’ll land on a few neighbourhoods that you can see yourself living in for a long time. You’ll have a good idea of what your first purchase will look like, and you’ll see homes that you’d love to move up into when the timing is right, and your budget can manage it.

This process isn’t for everyone, but when I have clients who have a clear dream of their forever house, but their today budget doesn’t allow them to make that purchase, finding their forever neighbourhood has made all the difference! Rather than focusing on the perfect floorplan for their first condo, they focus more on finding the area, and then make some compromises on the property itself if need be. When they do move, they don’t leave their neighbours and their sense of “home” behind. They take it all with them 😉