Buying a Home in the City vs. the Suburbs

Buying a home in the city vs. the suburbs

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Becoming a homeowner downtown is generally more expensive than buying a home in the suburbs. But living in the city can allow you to accumulate some savings in the long term, which could make it worth the extra investment.

In addition to the price of the property, there are other expenses related to a commuter lifestyle that we do not necessarily consider before buying, but you should still take them into account. Get out your calculators and see what would be best for your financial situation.

Buying a home in the city vs. the suburbs

1. Transportation costs

In the suburbs, owning a car is almost a necessity. Whether you need it to go to work, for shopping or for entertainment, it is often essential to have some mode of personal transportation in order to have flexibility and freedom.

Costs for fuel, parking and vehicle maintenance will surely be higher in the suburbs than in the city, given the number and length of trips. This is something that should be taken into account in your budget if you move to the suburbs.

In contrast, services in the city are much more accessible, so in some cases, you can easily switch between a car and choosing to walk, cycle, or take the bus or subway. Without a car loan, you can put more money toward your mortgage.

2. Maintenance costs

If you choose to live in the suburbs, you will need to account for an amount of money in your budget that can be spent on the maintenance of your property. If you buy in town, chances are that you are investing in a condo. If this is the case, you will likely have to pay a monthly fee that will go toward maintenance of the building and common areas.

In the suburbs, however, the cost of grounds maintenance should be accounted for (which is rare in the city). Grass, asphalt, landscaping, a shed, and a garden are all expenses that are less likely to be a factor in the city.

3. Appreciation of property value

The demand in the city centre is generally higher than in the suburbs, and therefore the increase of prices tends to be more consistent. So buying in town might be a safer investment, especially if you choose a building that is in good condition and in a popular area.

4. Answers to your needs

Beyond the financial aspects, your next home will need to meet your needs, as well as the needs of your family. The opportunity to enjoy a property or the tranquility of the suburbs should certainly be valuable to you, so keep that in mind.

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