Finance Globe

U.S. financial and economic topics from several finance writers.
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Home Location: Pay Now, Benefit Later

Location, location, location. When buying a home, there is nothing more important than the area in which it is located. Some people make a purchase based on the school district. Others do so after reviewing crime statistics. And then there are groups that choose a home based on its walking distance to destinations such as restaurants.

No matter who you are, when buying a home you need to consider the location. Not only will this benefit you while you are living in the property, but it will pay off big time down the road if you ever decide to sell.

Here are three questions to answer as you compare locations:

1. Why is one location more appealing to me than others? Remember, you are the one living in the home so you have to be comfortable with the location. Make a list of the benefits (and potential drawbacks) of living in the area, compared to other options.

2. Would others find the location appealing as well? This is a question that has nothing to do with you, and everything to do with the resale value. You may love the location of a home, but if others don’t feel the same way it could work against you down the road.

3. What does your real estate agent think? In short, your agent can explain the pros and cons of every area, helping you make a confident decision.

The location of the home you purchase will have an impact on many important details within your life, including but not limited to:
  • Taxes
  • Safety
  • Transportation to and from work
  • School district
Homes in the best locations cost more money than real estate in less desirable parts of a city. Although you may pay more upfront, as long as things remain steady you are going to make out in the end.
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Thursday, 25 April 2024

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