Where Do I Want to Live? How Location Impacts Your Home Purchase
Location, location, location. This old real estate cliché states the word “location” three times, so it must be important. When you buy a home in a good location, according to an article from Realtor.com, it can make your home purchase a solid long-term investment – more than any other factor.
So, determine what’s important to you. Keep in mind your immediate needs, but don’t forget the future. Location impacts your daily lifestyle, and it’s a consideration for resale value as well.
Location, location, location. Got it? Here are some tips to help:
How far are you willing to commute to work?
You already are making a considerable investment in a home. Do you want to add the costs of fuel and wear-and-tear to your vehicle resulting from a long drive to the office? You can map the trip on your laptop or smartphone, or you can check websites for average commute times in Texas.
How much do you value the ratings of a school district?
You probably want a nearby school, but the quality and safety of education is primary. Options for checking a recognized data base for educational standards include the National Center for Education Statistics and the Texas Education Agency. The Niche website has ratings that include K-12 education.
How close do you want to be to shopping centers, or other public amenities?
It’s great to be conveniently located to your favorite grocery store and retail location, but maybe not so great to be right across the street from such hustle and bustle. And parks are great for easy access to activity, but if concerts are conducted there it could get a bit loud. You can find general information about this through websites provided by Niche and Walk Score.
What location factors will impact resale value?
A number of other factors should be examined. Some are obvious, like if the house comes with a nice view of the water or other scenery. But also find out from a realtor the sales price that nearby homes are commanding. If your neighborhood is considered to have a strong sense of community, that positively impacts resale price. A negative to location is if natural disasters have happened nearby (low-lying areas prone to flood, areas that can be affected by dry weather and susceptible to fire). An article from Realtor.com lists the issues that can drag down the value of your home.
Download our easy guide to learn about getting a mortgage and buying a home. Topics include:
- Where should you start?
- What can you afford to buy?
- How's your credit score?
- Down payment and closing costs
- Understanding your mortgage payment
Information in this article is general in nature and for your consideration, not as financial advice. Please contact your own financial professionals regarding your specific needs before taking any action based upon this information.