As first time home buyers, learning the real estate market can be somewhat overwhelming. After working with a number of first time home buyer clients, we have seen a common trend with neighbourhoods that they have chosen to live. Hearing the same reasons why they have fallen in-love with these areas, we have decided to share them with you! Below you will find five of the best neighbourhoods for first-time home buyers, taking into consideration price, amenities, lot sizes, neighbourhood appeal and much more!
Think of a picture perfect family neighbourhood, what do you see? I see Northridge, with large developed lots, mature streets, some of the cities best schools both high school and elementary, and a sense of community. Close to all the amenities, although far enough away that you don’t get the flashing lights or high levels of traffic. Homes in this area are typically single family and fall between 26-60 years old. A budget of $200,000 to mid $300,000 will allow you to get into this neighbourhood, making it affordable to a wide range of buyers. Homes here are being renovated both inside and out, however you still see a lot of character when driving down the streets. The schools as mentioned, are some of the best in the city, Northridge Public School, St. Mark Catholic School, Lucas High School all of which boast high ratings.
Oakridge is one of my personal favourites because I find it is everything you want in a well developed subdivision. The neighbourhood is full of mature trees, large lots and single family homes which range between 28-60+ years old. In this neighbourhood we have seen a lot of homeowners purchasing the homes and flipping them for a great return on their investment, great news is they often maintain the same home design on the outside. You will find primarily middle-age families and older couples with the majority of the age category between 20-64 years old. Average household income sits only slightly higher than the city at nearly $89,000, while this is a higher income, homes in this area typically range between the high $200,000’s to low $400,000. Schools in Oakridge include Oakridge High School, St. Thomas Aquinas Catholic High School, Riverside Public School, Notre Dame Catholic Public School and West Oaks French Immersion Public School. The reason why this is a great neighbourhood for first-time buyers is based on investment opportunities, diverse age group and ease of ability for a first-time buyer to start a family without having to move locations.
A town within a city is what you could call the neighbourhood of Byron. This neighbourhood is a mix of both homes built in the 1980’s and some new builds when you head south into Somercrest of Byron. Within walking distance to Springbank Park, a grocery store and what I personally call “The Byron Strip” reason being that there is a small pocket of independent stores and restaurants unique to Byron. The typical age group is anywhere between 20-64 years old and made up a large number of young families. Majority of homes in the area are single family detached and there is a mix between both large and small lots. The reason why this is a great neighbourhood for first-time home buyers is due to the relatively low price of entry and high potential for return or even grow a family.
#4. Old East Village
An opportunity to buy a piece of history and charm without paying the price of a home in the Old South neighbourhood of London. Our favourite part of this neighbourhood is the sense of community and unique style of homes offered, there is even a Facebook group dedicated to those who live in the neighbourhood. While the majority of age distribution is between 30-44 years, the diverse community is made up of many different lifestyles. What makes up Old East Village is a mix between single detached and apartment style homes typically over the age of 60 years old. Something else we love is the fact that there are a number of independent business owners that are unique to the area such as 10Eighteen, Booch Organic Kombucha and Anderson Craft Ales. Homes in this area typically fall between $150,000 – $250,000 which make it perfect for first time home buyers. There is also a tremendous potential as we are seeing prices rise due to investment into this neighbourhood.
The reason we put this neighbourhood last on our list is not because we don’t love it, actually, it may be the opposite. With the majority age distribution between 55-74 years old, you will typically find homes occupied by mature families, retired individuals and empty nesters. The most common home type is owned and single-detached with the average home age ranging between 26-60 years old. Typically homes here fall within the $200,000 and $300,000 price range with larger lots, lower price per square foot and mature neighbourhoods. Close to all of the amenities and access to one of London’s most popular parks, Springbank Park, this is a prime destination for those who enjoy a quaint lifestyle and the great outdoors.
Take a Look at School Rankings
If you are thinking of making a move as a first time buyer, while you may not consider the schools in the district, other buyers will. Be prepared when buying a home to look at all aspects of the neighbourhood and not just those that will affect your purchase decision. Typically the schools have a tremendous impact on the likelihood that a buyer with a family will choose your home. Click the button below to find which schools in London have the best rankings: