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The financial benefits of happy neighbours

Why happy neighbours could mean more money for you
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David Coffey, October 4, 2013 2:57:47 PM

It is very important to have a sense of community where you live, whether it’s a condo building or a street that you bought your house on. Not only does it make for a pleasant environment, but happy and friendly neighbours can be financially beneficial as well. How?

One of my recent listings was in Toronto’s Cabbagetown. It’s in an established neighbourhood where walking down the street on a warm day can be a pleasure. You have a great local butcher, long-time local pet store, and a diverse population. Plus, it’s quiet and green, and people take care of their properties.

A good community makes for a desired location, and an increase in the value of your home. Buyers who are not as familiar with a city or a certain area want to feel welcomed, and if they see nice neighbourly things happening, they will more likely want to buy there.

The home buying process can bring with it a certain amount of anxiety. Seeing a little happy in a neighbourhood can put potential buyers at ease, and leave them with a good feeling when they go home to consider whether to place an offer or not. Even on the elevator ride up to a condo unit, you can get a sense of your neighbourhood. Happy condo people usually say hello or smile. Otherwise, no eye contact can make you feel like you’re in an unwelcoming place.

I have observed that those buildings or neighbourhoods that lack community involvement and are not located close to a vibrant main street where locals can interact, don’t sell as easily. Homes in more happy and desirable neighbourhoods attract more buyers and will ultimately fetch a higher price.

There’s really no way you can lose with a cohesive, well-mixed and involved community. If you are the neighbourly sort, then you will be happy in an area or building where things are happening and people are interacting. And if you would prefer to keep to yourself, then you can still reap the benefits of a friendly neighbourhood that is likely more desirable to potential homebuyers. Strong and diverse communities improve the resale value for your house and condo. And that will be good for your overall wellbeing and your wallet in the long run.

David Coffey is a licensed real estate agent in Toronto.

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