First Time Home Buyers: Location Is Key On Home Purchase

Location Is Key On Home Purchase

Gustan Cho Associates

Location, Location, Location. I am sure most folks have heard of this saying. Location is key on home purchase. Once you have decided that you will be a homeowner, you can start shopping for your dream home.  If you are familiar with the area and the neighborhood that you want to purchase a home, then you have no issues.  However, many home buyers who are locating to a totally different neighborhood or location due to a job transfer or to a different state, location is key on home purchase.  You ever hear the saying location, location, location?  Home values can vary widely depending on the location.  On a grand scale, home prices in California is double the home prices in Illinois, Florida, Indiana, Kentucky, and most other states due to location.  Home Buyers, especially first time home buyers, need to realize that location is key on home purchase.  You can have the exact home that is priced for $400,000 that is priced for $300,000 in a different location due to where the home is located.  A home buyer can pick the perfect home with all the ammenities, room size, layout, and yard but the home may be located in a bad area.  More importantly than the price of the home and the home itself, location is key on home purchase and home buyers need to do careful due diligence in the neighborhood the home is located.  Safety of the neighborhood, neighbors, schools, parks, proximity to major expressways should all be researched prior to making a purchase offer on a home.

Location Is Key On Home Purchase: Know The Neighborhood

Location of the home is more important than the home itself when you are shopping for a home. You will want to live in a secured location where there is no gang activity, loud music, and safe neighborhood.  There are factors that might be important to you such as close proximity to shopping centers, expressways, movie theaters, schools, parks, or commute to work.  A long commute may cause you more money for fuel and stress.  Home Buyers who work out of their homes can probably get a lot more house for the money by buying a home that is further away from their company and the commute may not make a difference.

Location Is Key On Home Purchase: Schools

Neighborhoods in a good school districts are a major plus for home buyers.  If you have children, you may want to research homes located in the best school districts.  Even if you do not have children, buying a home that is located in a good school district is normally in demand and is more marketable when it is time for you to sell your home.  Homes that are located in areas where the schools are ranked at the top of the state normally are worth a lot more money than comparable homes in other areas.

Safety Of Location Is Key On Home Purchase

Research the crime rate on the neighborhood you are looking. Safety of the neighborhood should be taken into consideration when shopping for a home. Look at graffitis in alleys or nearby commercial districts. Visit the area in the evening and weekends and make sure there are no gang activity or thugs hanging out drinking or smoking dope. You should be able to feel secure and safe in your neighborhood where you can take a nice evening walk and not worry about your kids being harassed by bullies or gang members.  Talk to nearby neighbors and see how friendly they are.

Check Out Community

Check out the community where you are looking for homes.  Visit the Park District and Village Hall as well as the local library.  Many smaller communities offer many programs throughout the year for its residents.  Don’t be shy about introducing yourself to your potential future neighbors and ask them about the community, neighbors, and families in the area.  Neighbors may tell you things that may be super important to you that your realtor nor the seller may not reveal to you because they do not know or may not think it is important to you.  For example, there may be train tracks nearby that may affect your decision on whether or not you are going to purchase the home.  The area may have families with many children and you may be someone who do not take likings to children.

All in all, the right location is key on home purchase. Buying a home is a commitment and once you purchase your home, you will be there for several years. It is not like renting a home or apartment where once you move in and you do not like the neighborhood you can just give a 30 day notice and pack up your belongings and move.

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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