3 Important Factors that Makes a Neighborhood Prestigious and Expensive
Living a luxurious life is the dream of Virtually every one of us. We all think of living in a plush penthouse in the most expensive neighborhood of the city, having all the features and facilities that one can associate with such a piece of real estate. But not everyone can afford a luxurious lifestyle even if they try very hard. It is this scenario so that they try to have something that can replicate that lifestyle. Living in a prestigious neighborhood or a futuristic condo, is one example.
While the price of a real estate is the biggest factor that we think makes it expensive, there are several other factors which we can consider in this regard. Let me offer you 3 such factors which make a piece of real estate truly luxurious in our minds.
- The Neighborhood or Locality
Neighborhood or locality is often considered luxurious or prestigious because of many factors. one of them is the price of the real estate in that location is high because of the surrounding places and facilities available in that area. For example, places near downtown Toronto are one of the highest priced as more people like to live in the area because there are many facilities available to them.
Another reason for a neighborhood to be considered as prestigious is about its location near the hills on the waterfront, especially in the city of Toronto. This is because people who like to live in a peaceful area throng locality like these and such demand increase the price of the place considerably and quite regularly over the years.
- Close Proximity to Scenic Places
If you want to live in a scenic area, the price of real estate in the hills and near a beautiful landscape will obviously be very high. Let me explain this part a bit so that you can understand it easily. When we talk about a place within a city, developing that part is not that costly as there are all the facilities like water se village in electricity available in that area. and even the construction doesn’t cost a lot.
but when we talk about an area situated in the hills or near a place which is quite far from the downtown area of a city like Toronto, things can be pretty difficult for the Builders and Developers project. the cost of construction in a place which is situated 5000 feet above the ground is obviously very high, as you need to consider the transportation cost and other factors.
If you are looking for toronto condo for sale, this is one reason for which you will find the cost of any condo very high.
- High Standard of Living
A prestigious place is not just expensive because of the price of the real estate, it is because it has a high standard of living. When you compare the facilities and features of high and neighborhood with an area comprising low cost apartments and lofts, you will know the difference. Facilities like broad roads, use open places and public parks, recreational facilities like shopping malls, restaurants, hotels, etc. are in abundance. And you won’t find such facilities in low income neighborhoods.
While there are chances that a prestigious neighborhood would only increase in its value over the years, there is a probability for the price of a low-income area would only decrease with the passage of time. So, you need to be wary of this fact as you are about to invest your hard and money in a place to live. so why not invest wisely so that in the future if you want to sell that place or rent it out, you can get a good amount for that.
The standard of living because of the world class amenities and features of a neighborhood make it a famous place not just in the city but across the country. And that’s one reason why the price of the real estate in a prestigious neighborhood only increases with time. That’s why it is always a wise investment decision.
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