Where Should Your New Next Home Be Located?

The decision to buy a house in a certain area can be driven in two ways: either there is a wonderful town that you have always admired (or lived in, or had friends or relative who lived in it), or you decide to buy a home and formulate a list of criteria that your new home town has to meet.

The decision to live in an area you know well makes it easier, since you know the educational system (probably even went to it), the crime rate, the commuting distance to work, and where all the malls, restaurants and parks are.

If you have no real idea where you want to live, you will have to do some more homework to find your dream town.

Most of the time, how far you have to travel to work is one of the main determinants of location. Of course, this does not matter if you are retired. Homes close to busy urban areas are often more expensive than a home further out in the in the suburbs.

The next criteria most people want to examine is the quality of the educational system. The reason for this is clear for parents with school age children, but other buyers must take this into account since the quality of the school system can have a big impact on real estate values.

Now comes the nitty gritty factor of the cost of the home, where compromises have to be made. Pay a little extra for gas or public transportation, as well as in time, and decide on the cheaper house, further from the job? Choosing a home that is further away, that costs less, will probably mean higher commuting costs.

There are many other costs that a given area or town can add to the cost of a house. Many buyers have completed an analysis and found it works out the same or cheaper to buy in an area with low home prices and send their children to private school than to pay an exorbitant price and high taxes for a house in a better area.

Taxes are a big factor in picking a location. It is important to not only check how much the current tax bill is, but to make an informed guess about future increases. If the city has not had an assessment in a while, you may be poised for an adjustment. This is really important if the house has not been assessed since the prior owner made any major improvements such as new rooms, remodeled kitchen or bathrooms, pool or fireplace or deck.

Note how rapidly the town is growing, and if the current infrastructure can support that growth; if it can’t, you will be paying for it as a future homeowner. If a new school is in the town’s future, you can surely count on higher taxes. Also ask how frequently the town increases its taxes.

Gathering this kind of pertinent information will make it a lot easier for you to decide upon the home of your dreams in your dream town.

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