Despite the global pandemic, Americans are eager to buy houses. Since 2020, there is a huge demand in the housing market, but the supply is low, resulting in higher prices. Mortgage rates are also low, making the competition tougher for home buyers.
Regardless of the price surges and tough competition, houses are selling fast. Eager buyers would pay for any house available on the market that fits their budget. When the party’s over, however, you’ll realize you’re not happy with your new neighborhood. The location should be one of your priorities when shopping for a house to make the most of your money.
Why Is Location Essential?
If you’re planning to buy a new home, it’s important to set your budget and have a clear financing plan first. You can use your savings or apply for a home loan, depending on your financial situation. But once you have settled your budget, the next thing you need to consider is the location.
Purchasing a house in the right location can be beneficial in the long run. Not only it will make you’re living experience more comfortable, but it can also have an impact on the resale value of your home in case you decide to sell it.
Houses close to amenities, such as schools, restaurants, shops, and public transportation can attract more potential buyers. Living in a home in an ideal location can also make your living more convenient.
Choosing The Right Location
Given the limited supply of homes, it’s tempting to put an offer to any house on the market right away. Despite that the current situation of the housing market, you should be critical in choosing the location before paying for a home.
Here are five important factors to consider when finding the right location for your home.
1. Crime Rate
When evaluating a home’s location, crime and safety should be one of your priorities. Any homeowners would want to live in a safe neighborhood with a minimal crime rate.
Do your homework and research the crime rates in the area where you plan to buy a property. Visit crime multiple report websites and public forums to have an idea about the local crime reports and crime rates, particularly reports on burglaries, thefts, and other incidents that happen in the area.
2. School Quality
If you’re buying a new home, it’s smart to check the school quality within the area. Are there quality public schools nearby? Is it zoned for respected private schools? These are important questions to ask when evaluating a certain location, even if you don’t have kids.
A home located in an area with an excellent school district can help retain and increase its value. You can check the school quality of the area by going to the local district’s website and look for the report card of nearby schools. The report card can show you the school’s demographics, graduation rates, and test scores.
3. Your Potential Neighbors
The neighborhood can have an impact on your living experience and the value of your home. Living with less-than-desirable neighbors can be frustrating in the long run. That’s why it’s important to get to know the neighborhood first before buying the house.
When shopping for a house, take time to walk down the street and chat with some of the people living in the area. You can ask them about the community and the things they like about it. This will help you determine if the neighborhood suits your personal preference, whether you like a tight-knit community feel, a neighborhood with young families or retirees, or a less neighborly community.
4. Transportation Options and Amenities
Another important thing to consider when choosing a home is its proximity to amenities and public transportation. Consider your lifestyle needs. Check if the house is near to restaurants, shops, dry cleaners, and grocery stores, among others. Important roads and transportation options should also be easily accessible to your home.
Apart from the existing amenities, it would be best if you also considered the future developments in the area. Know if there are plans for new hospitals, public transportation, and schools. This is important if you’re planning to buy a home in a fairly new neighborhood.
Certain developments, be it commercial, public, or residential, can affect the resale value of your home. Find out about such developments and see how they can affect the desirability of the area.
Your Realtor can help find a home with the key amenities. But there is certain information they can’t disclose to prevent housing discrimination. That’s why you need to spend more time on research to ensure you make the most of your investment.
Buying a home in 2021 can be challenging, especially during a seller’s housing market. It would be best if you were critical before paying for a home. While it’s easy to fix problems in a house, it’s hard to change a community.