Most people have heard the saying about location being everything in relation to real estate. However, when many people begin looking for a new home to purchase, they often are focused more on the sales price, features and style than they are on location. Location can have a major impact on your life in numerous critical ways. Because of this, it may make sense for many buyers to initially narrow down their home search to a specific geographic area before looking for a specific home to purchase. These are some of the primary ways that the location of your home may impact your life.
When you initially select a home, property value directly impacts the sales price that you pay. As you live in the home over the years, you may anticipate property value to increase so that equity can grow at a fast rate. However, property values do not increase at the same rate across a metropolitan area. Some areas are more desirable to live in than others, so their value may increase at a faster rate. The overall quality of materials that homes are built with, their amenities and more can affect property value as well.
You understandably want to live in an area with a low crime rate. You can research crime rates in most metropolitan areas online. By doing so, you may assume that crime rates are fairly similar, but a closer look may reveal that even neighborhoods right next to each other have very different crime rates. Your real estate agent may help you to learn about crime rates in specific areas before you finalize your purchase plans.
Quality of Schools
The school districts in the area generally have different graduation rates, average test scores, sports teams, school amenities and more. More than that, individual schools within those school districts have their own statistics. This means that the quality of schools in one neighborhood may differ from those in a nearby community. Careful research is required if you have children in school or if you plan to start a family soon.
Regardless of whether you are looking for a home in an urban, suburban or relatively rural area, the future outlook of the surrounding properties should be taken into consideration. For example, there may be plans to build a large shopping center close to a home that you are interested in. Even buying a home next to a large ranch or acreage estate should be done carefully. That property owner could have plans to sell the property to a commercial developer soon.
As you narrow down your home search to a specific geographic area, focus on practicality. For example, how long would your commute to work be from a specific location? Do you normally travel to other venues throughout the week, such as for your children or to care for a loved one? How far away from a neighborhood are the stores that you would frequent? Each homebuyer has a different tolerance for how far they are willing to travel regularly for these various things. Be aware that they will impact your availability of free time and your overall lifestyle.
You can see that location impacts your real estate decision in many ways. In order to make a smart decision about which home to buy soon, you must carefully analyze each of these factors and pay attention to the importance of location in other relevant ways. Your real estate agent may help you to narrow down your search area so that you can more quickly and easily find the perfect home for you and your family.