New versus Established Neighbourhoods: Which is Right for You?
by Chris Penny
on Thursday, July 30th, 2015 at 7:30am.
Deciding where to look for a new home is one of the biggest decisions you will make as a future homebuyer. Unlike virtually everything else about a home, one thing you can never change is the neighbourhood where the home is located. Therefore, it’s important to make an informed decision about where you want to live and to visit several possible areas. After narrowing your search down to neighbourhoods that are convenient to your work, or to your child’s school, or are just places you would like to live, one of the first questions you must ask yourself is whether you would prefer to live in a new neighbourhood or an established one. There is no easy answer; there are pros and cons to both.
If you have ever thought, “they just don’t make things like they used to,” an established neighbourhood may be the best place for you. Established neighbourhoods have a certain classic appeal that some homeowners, particularly those with traditional tastes, love. The homes may have architectural features of a bygone era or more character and history than new homes.
Another reason to choose an established neighbourhood over a new one is the greenery. You’ll be more likely to find tree-lined streets with plenty of shade than in a newer development. It can take many years for certain species of trees to mature fully, and you just won’t find that in a new neighbourhoods. Also, with older homes, the previous owners may have already done the landscaping for you.
Because neighbourhoods often spring up around businesses and industries, established neighbourhoods tend be centrally located with shorter commute times. They are also more likely to be served by public transit and to be close to restaurants, nightlife, culture, and entertainment in the heart of the city.