Location. Location. Location. Where Should You Buy Your First Home

Choosing the perfect home starts with finding the right real estate location. But with so many location options available to the average homebuyer, it’s easy to become overwhelmed. If you don’t know where to start, read on! We’re going to look at some factors first-time buyers should consider when narrowing down the ideal location for their home. 

Why Location Is Important

As the old saying goes, it's all about “location, location, location.” While it’s easy to forget, buying a house doesn’t just mean you’re buying a building. It also includes the plot of land that the house sits upon. You can make alterations to your home or garden, but you can’t move your entire house if you don’t like where it's situated. The location of your home can make or break your buying, living, and selling experiences. 

How To Pick The Perfect Real Estate Location

Now that you know how important your home’s location is, you’re probably wondering how to choose the right one. Here are a few things you should remember when deciding where to live.

• Determine what types of neighborhoods you prefer- The kinds of neighborhoods you find appealing ultimately comes down to your personal preferences. Some types of communities come with more amenities, while others may prioritize appearance or accessibility. There are several different types of neighborhoods to choose from: 

1. Subdivision - A large neighborhood broken up into lots or sub-neighborhoods.
2. Rural – Land located in the countryside.
3. Urban - Densely populated city dwelling.
4. Suburbs - A smaller community that surrounds a city.
5. Condos - A group of housing units where an individual owns each unit.
6. Downtown - Downtown - The central business district of a city. 

• Check out the school zones - If you have school-aged children or plan on having them, school zones are a crucial part of narrowing down a location. Many potential buyers prefer to choose neighborhoods with well-equipped public schools. You should also make sure your local schools offer transportation services if that is important to you. 

• Calculate your distance to work, school, family, etc. - Your daily commute can dramatically impact your work and school life balance and determine how much time you get to spend with your family. In addition, your location affects your proximity to shopping, entertainment, and recreational areas. Your location can be the difference between walking to the store or making a 45-minute drive every time you need to purchase groceries. 

• Examine the area where the lot is located - In addition to the neighborhood, you should pay careful attention to where a home lot is positioned. If your dream home is on a busy intersection or highway, you may be able to negotiate a lower price. You’ll also have to accept the increased traffic and noise. On the other hand, homes built in serene areas with natural bodies of water are more likely to appreciate in value. 

• Figure out how large a lot you want - As mentioned previously, you can make more adjustments to the house than you can to the lot. If outdoor space or privacy is important to you, ensure the lot is large enough to suit your needs.

Reasons to Keep an Open Mind Outside Your Ideal Zone

While it's essential to pick an area you love, staying flexible also has benefits. Here are a few reasons you should keep an open mind about the location of your new home.

• You might find a hidden gem or new area that you love - Opening yourself up to new areas might be just what you need to fall in love with a new location or find a hidden gem that you wouldn’t have come across otherwise. 

• You’re more likely to find a great deal - Looking in new areas can help you find homes that fit your budget and save you more money than expected. Moving slightly further than your ideal area can sometimes mean you’ll save tens of thousands of dollars. 

• Some locations have significantly lower taxes –Being open to new areas may mean major savings on your monthly mortgage and property tax payments. 

• You may get a more significant return on your investment - If the neighborhood you choose is set to experience considerable growth and development, you may be able to make a more substantial return on your initial investment. As property values increase, you can charge more for the sale of your home and turn a profit. You might even decide to keep the property and rent it as a source of income.

So, there you have it! When buying a home, location is one of the most critical factors to consider. It’ll significantly impact everything from costs to the ins and outs of your daily life. That said, the more you figure out beforehand, the easier it’ll be to determine where to buy your house. And we hope this article has given you the tools to do just that!

There’s a whole lot more to learn about the home buying process. Do yourself a favor and refer to eHome America courses for more education on the buying process. You’ll be glad you did!