When buying a home, there are many factors to consider: price, square footage, lot size, etc.. However, many home buyers, especially first time home buyers, forget that location is an extremely important consideration.
Location Considerations When Buying a Home
Here are a few suggested considerations regarding location for home buyers:
1. Real Estate Market Performance.
The first consideration in home ownership is the future potential of the home to increase in value. A home should be considered an investment as well as a place to make memories. Many home buyers assume that they will live in their home for a number of years – maybe even for the duration of their home loan. However, often times, a move must occur. Considering the historical real estate market performance of a home may help to preserve the future value of the home. Look at the recent sale price of similar homes in the area. Your Real Estate agent should be able to provide this information.
2. Proximity to Public Transportation.
The home’s proximity to public transportation is an important consideration. Many people would like to live near a public transportation system. If the home is not within walking distance of public transportation, it should be within a short drive and have a large parking lot. However, the home should not be so close to public transportation that it causes an unsightly view or noise.
3. Local Schools.
A home’s local school system should be considered when buying a home. Both the location and reputation of the neighborhood schools should be evaluated. Consider the school’s national test scores (ie: Stanford, STAR, etc..). The schools should be close enough for the child to walk or bike to school (or within a short drive). The area that the child would travel to get to school should be safe and not contain busy streets.
4. Planned Changes to the Neighborhood.
The local city management and planning commission should be able to let you (or your Real Estate Agent) know of any future plans to the area. Knowing that the beautiful open space near the home will be developed over the next few years could negatively impact the home’s future value. Or, knowing that there will be a new public school built within walking distance to the home can positively impact the home’s value.
Yes, the old adage is true: location, location, location! Location should be a key consideration for anyone purchasing a home.