This Article On Location Is Key On Home Purchase On Home Values
Location, Location, Location. I am sure most folks have heard of this saying. Property taxes in one city may be double or triple than in other cities. High property taxes on home purchases may affect buying power.
- Location is key on a home purchase
- Once home buyers have decided they will be a homeowner, they can start shopping for their dream home
- If familiar with the area and the neighborhood they want to purchase a home, then buyers have no issues
- However, many homebuyers 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
- Many have heard the saying location, location, location?
In this article, we will discuss and cover Location Is Key On Home Purchase On Home Values.
The Importance Of Location
Home values can vary widely depending on the location:
- On a grand scale, home prices in California are double the home prices in Illinois, Florida, Indiana, Kentucky
- The main reason for higher home prices in one area due to another is due to location
- Home Buyers, especially first time home buyers, need to realize that location is key on home purchase
- They can have the exact home that is priced for $400,000 in one location that is priced for $300,000 in a different location
- This price difference is due to where the home is located
- A home buyer can pick the perfect home with all the amenities, 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
- Homebuyers 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.
Know The Neighborhood
The location of the home is more important than the home itself when shopping for a home.
- Homeowners 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 homeowners such as the following:
- close proximity to shopping centers
- expressways
- movie theaters
- schools
- parks
- commuting distance to work
A long commute may cause 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 good school districts are a major plus for home buyers.
- Homebuyers with children may want to research homes located in the best school districts
- Even homeowners who do not have children, buying a home that is located in a good school district is normally in demand
- It is more marketable when it is time to selling 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 and area when shopping for homes:
- Safety of the neighborhood should be taken into consideration when shopping for a home
- Look at graffiti in alleys or nearby commercial districts
- Visit the area in the evening and weekends
- Make sure there are no gang activity or thugs hanging out drinking or smoking dope
- Homeowners should be able to feel secure and safe in their neighborhoods
- Homeowners should be able to take a nice evening walk and not worry about kids being harassed by bullies or gang members
Talk to nearby neighbors and see how friendly neighbors and people in the area.
Check Out Community
Check out the community and social centers.
- 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 potential future neighbors
- Ask them about the community, neighbors, and families in the area
- Neighbors may say things that may be super important
- Realtors may not be familiar with certain issues
- Seller may not reveal everything because they do not know or may not think it is important
- For example, there may be train tracks nearby that may affect the decision on a home purchase
- The area may have families with many children and may be a deal-breaker
All in all, the right location is key on home purchase. Buying a home is a commitment and once deciding on purchasing home, remember you will be there for several years. It is not like renting a home or apartment where once you move in and if you do not like the neighborhood you can just give a 30-day notice and pack up belongings and move.
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