So, how do you choose a good location? Below are a few key factors to keep in mind when exploring neighborhoods during your home search.
Geographic Location
Your home’s physical location can be a determining factor in the opportunities you have available to you and the amenities you have access to. These include job opportunities, high-ranking schools, proximity to family, a pleasant climate and a strong average home appreciation rate. You need to make your decision wisely to ensure the neighborhood in which you buy provides you with the opportunities and lifestyle you prefer.
Rural vs. Urban vs. Suburban
Houses in rural areas are typically more affordable and have bigger lots, but they may appreciate slowly and be potentially inconvenient to most amenities. These homes are located in quiet places away from the hustle of towns, which may appeal to many homebuyers.
Suburban homes are normally more expensive than rural homes; they are typically quiet and have a smaller lot. These houses have the ability to appreciate quickly and are usually preferred by families who want less hustle and bustle but easy access to city amenities.
Urban properties are a good option if being close to amenities, and possibly your workplace, is a priority for you. Homes in urban areas can appreciate very quickly depending on the particular cities growth and development. However, most urban houses are not quiet and do not provide adequate space for many families.
Safety
Most homeowners feel it’s a priority that they live in a neighborhood where they feel comfortable and safe. A home located in a high crime area might be less expensive, however, there are higher risks associated with these areas. In addition, when you want to sell your property, it may be a challenge.It is important to thoroughly research a neighborhood’s crime statistics before making a decision to purchase a home there.
Home Value
While many factors can affect your home’s value, it’s often determined by its location. A house in a good neighborhood may sell faster and for more money than a similar house in a less attractive neighborhood. Before you buy a home, speak to your real estate agent about the projected appreciation in the area you’re looking to purchase. By educating yourself on what other homes are selling for, and may sell for in the future, you can make a solid financial decision regarding your real estate investment.
School Districts
Whether you currently have children or plan to in the future, it’s important to consider school districts when buying a home. It is prudent to do ample research into the school district you plan to move into. Not only does a strong school district benefit your children and their education, it also influences community activities, neighborhood safety and home appreciation. Investing in a good school district is akin to investing in real estate like a pro.
In the end, your tastes, preferences and budget will determine the house you choose. Many considerations go into purchasing a home and location should be near the top of your list. With some research into the locations you are looking to buy in, you can arm yourself with the necessary information to make a suitable choice for you and your family.
