Congratulations in advance for starting this new chapter in your life. Purchasing your first home is one of the biggest investments you will make in your life. This is such an important time because you are not only securing your future, but the future of your family as well. If you are single, this is still an important time to consider all the factors that come with a home purchase. Why not give the location a little more thought before starting the search?
The location of the house must be dependent on two things: your present times and your future. While you may not be thinking about starting a family now, you might in the future and if the house’s location is not ideal for a family, this will create a huge problem. Most people focus on the features of the house and often forget that location also plays a huge role in future savings.
Following are five factors you should consider before choosing a location for your house:
1. Lot Location – Depreciation Value
The actual location of the house i.e. the lot is the first thing you should look into. This determines the resale value of the house. A house that is backs or fronts to a busy street will be difficult to sell with all the noise and pollution. On the other hand, a house that is relatively near to retail, particularly that which is in walking distance will be more attractive.
Remember – land does not depreciate – so choose wisely.
Let’s talk about children: if you have children, then this is another important consideration. A great school district nearby ensures that the children will receive quality education and you will not have to worry about dropping off and picking up your children from school. This brings us to the next factor:
Spending hours in traffic is not on anyone’s list first thing in the morning.
How far is your neighborhood from the bus stop?
Will the kids have to walk far for the school bus?
Don’t spend all your money on taxis when you should be saving for unexpected expenses now that you have a monthly mortgage. So, make sure that commute is easily available and there are different routes available to reach your destination.
4. Local Amenities
- Shopping mall
- Local grocery store
- Community center
- Entertainment venues
Are these facilities available within walking distance? Can they be accessed by driving a short distance from the neighborhood?
Are you looking for a family-friendly, suburb or an urban neighborhood? Before putting an offer on any house, drive around the neighborhood, visit small businesses and talk to the locals to get a feel. This will help you get an idea about whether you will like living here or not.
The information you will get from looking into these five factors will allow you to make an informed decision. After all, you must think about your future as well as your children’s future.