BUYING A HOME: CHOOSING THE BEST LOCATION
The first consideration when buying a new house is choosing the place where you want to live, regardless if this will serve as an investment or upgrading your lifestyle. This won’t only determine the value of your investment in an investment, but also several aspects of your daily life. The following are some of the vital factors to take into account when selecting the area of your future house.
Safety. This is the first and most important facets to look at when searching for a right location. Do you want to pay less for a house but live in an area with high crime rate? Or sleep peacefully at night without any harm coming your way? It is up to you. But remember this: No price discount is worthwhile if you will reside in a less safer community. It will also be more difficult to resell the house or obtain a good price in case you want to sell it.
Geographic Location. This will create a huge impact in your lifestyle, so it is important to decide on this matter very carefully. Also, consider the factors that are most significant to you, including average home prices in the area, job opportunities, proximity to loved ones, and climate. Whether you want to live in a city or town, look upon the peace and quiet you desire to have, lot size (if buying a house), education opportunities for children, closeness to many amenities, medical services, and any other things you might want or need.
School District. If the area you intend to live is near a good public school district, why not? Especially if you have or planning to have children, it can save you tens of thousands of dollars that you could have spent on a private school. With or without kids, it is still ideal to consider the quality of schools in order to optimize your investment. This is most especially true if you aim to sell the house someday. But if you have a hard time looking for a public school meeting your standards, you may need to pay a premium to be in a location surrounded with good schools. Weigh that premium to the cost of paying for private school or sending your children to a substandard educational institution.
Nearness to Workplace. The length of daily compute can hugely impact your disposable income, quality of life, and the amount of time you can devote with your family. Can you endure long commutes? Do you have plans to stay at your present job for a long time? Are you planning to switch jobs in the future? If you intend to stay at your current job, how close to work do you want to live? Or if you plan to transfer to another job, what are the job prospects in or close to the area where you want to live?
Proximity to Family and Friends. According to Mother Teresa, "Love begins by taking care of the closest ones – the ones at home." The best home is the one closest to your loved ones, unless you want to live on your own. On the other hands, your friends and family might decide relocating to another city or town at some point. This should not be your sole reason for picking a location.
Different Neighborhood, Different Characteristics
In choosing a neighborhood, one must take into account his personality and lifestyle. Also, you may want to consider living close to places you visit oftentimes such as grocery stores, workplace, and schools.
You may also obtain facts and figures about the potential neighborhood online, through websites, forums, and message boards. Usually, you can easily access the statistics through real estate website. But statistics won’t reveal any story. So, it is advisable to visit the neighborhood, and ask people and the local police department within the community for more details.
Visit the neighborhood day and night. There are instances small information can make a big difference. Some neighborhoods have narrow roads, lots of cars parked on the street, or unique architectural features which might not suit your tastes. In other words, if the statistics and story differ, you may want to reconsider your chosen location.
In some cases, a neighborhood might feel comfortable during the day, but disconcerting at night. So, do not just visit the neighborhood for a day. Go to the neighborhood on various days, and at different times and in several weather conditions. You may also want to check if the neighborhood is lit at night, which you won’t be able to observe during the day.
Forget not to check your potential neighbors. Many prefer living near people who also have the same sets of principles, some do not want to dwell in a homogenous environment, and others do not care either way.
Buying a Home: Selecting a House Suitable for Your Needs
Starting Your Own Small Business: Financing a Business
Digesting Financial Statements: Filing
Starting Your Own Small Business: Choosing What You Want to Sell
Ethical Investing: Instruments for Ethical Investing
A Guide to Your Personal Income Tax: Essentials
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