Where Should Your New Next House Be Located?
Most of the time, new home buyers pick a location for their new home based on the location family and friends already live.
The decision to live in an area you are familiar with makes it easier, since you know the school 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 simply have decided that now is the best time to buy a house, and you don’t really have an idea where, the starting point may be more difficult to find.
Most of the time, how far you have to travel to work is one of the main factors for location. Of course, this will not matter for retirees. It is no coincidence that housing prices are much higher the closer one is to an important town or corporate center.
Next, whether or not the home buyer has children, the quality of the educational system has a major impact. For parents, this is a very important issue, but even for those who don’t have children, it should be something to consider since the quality of the school system has big influence on the property value of the houses in the area.
The cost of the home is the next thing to look at, and sacrifices may have to be made to meet economic reality. For example, you may face an expensive commute if you buy a less expensive home far from an urban center. Or pay more up front for a home close to the center and save on commutation?
Besides the price of the home, the town you choose can add extra costs to the home. There is an argument for buying in an older area with fewer or poor schools, with the cost of private schools balanced by the savings in initial price and taxes.
Be very alert to how taxes can influence the overall cost of a home. Make sure you don’t just learn the current rates, but try to figure where they will go. First of all, if there have not been any recent assessments, be wary, since you may be reassessed in a short while. Find out if the owner has made major improvements (new bathrooms or kitchens, pool or fireplace) since the last assessment, as this will really add to the taxes.
Note how rapidly the town is growing, and if the current infrastructure can support that growth; if not, you will be paying for it as a future homeowner. If a new school is in the plans, you can surely count on higher taxes. Also determine if the town is noted for increasing its taxes often.
After this kind of information is garnered, you can make a better decision when you go shopping for your new home.
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