New home buyers often choose a home in an area near family or friends, but other things may influence where you want to shop for your new home.
This makes the choice easier, since the purchaser is already familiar with all of the features of the area.
If you have no real determination where you want to live, you will have to do a little more homework to find your dream town.
For most people, how far their job or a viable job market is one of the first criteria. Of course, this will not matter if you are retired. Just remember that home prices are usually higher in areas that have a good job market, such as near a large city.
After the commute, the second most important issue in the location of a home is the school system. The reason for this is clear for parents with school age children, but other buyers must take this into account since the quality of the school system can have a major impact on home values.
Now comes the down to earth factor of the cost of the home, where compromises have to be made. For example, you may face an expensive commute if you buy a less expensive home far from an urban center. Choosing a house that is further away, that costs less, will probably involve higher commuting costs.
There are many other costs that a given area or town can add to the cost of a house. There is an argument for buying in an older area with few 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 house. Make sure you don’t just examine the current rates, but try to figure how high they will go. First of all, if there have not been any recent assessments, be careful, since you may be reassessed shortly. If the home has had any major improvements, this can be a major adjustment.
Another thing to be aware of is whether the town is growing rapidly and will need additional taxpayer dollars to support a growing infrastructure. You can be sure of your taxes going up if a new school is in the planning stages. Also question how frequently the town increases its taxes.
After this kind of information is gathered, you can make a better decision when you go to look for your new home.
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