Q: Should I buy a renovated home in an older neighbourhood or a new home in a modern neighbourhood? I found a place in an older neighbourhood that I like. It also is larger, but is it a good investment?

A: That depends on the neighbourhood. Are we talking about the “older neighbourhood” being in “skid row” and the “newer neighbourhood” in highrise jungle? Generally, you should try to buy the smaller, inferior home in an area of expensive larger homes and not the most expensive larger home on the street where smaller homes prevail. (People who want to buy expensive homes want an expensive neighbourhood.) The key is to look the neighbourhood over. Is it built-up, trees, shrubberies mature and has a good “feel” to it; is it improving or is it in decline? Anyhow, look at your home as a home first (you gotta live there). My criteria for my home is this: I place one elbow on the fireplace and in the other hand, a good glass of Granville Island beer (okay, red wine, okay, scotch) and I look around. If the room says -this is me -I buy it. The first criteria has to be that YOU and yours like living there. It makes you feel good, it serves you and your family . . . and it serves it well! Then you look for the investment potential. Buy an investment property separately. Have a great time living where you are.