How Do I Decide the Right Location For My Home? | Equity Prime Mortgage

How Do I Decide the Right Location For My Home?

When you first start to look for a home to purchase, there are a number of factors to take into consideration. First, you will probably look for something that is within your budget. If you need help figuring out your budget, click here to prequalify and learn how much you can afford. Once you have an idea of how much you want to spend, the next item on your list will be location. Depending on whether you are new to the area or have been there for a number of years, your decision of where to start looking is based on a few different things. Here are some thoughts for your consideration as you look to purchase your first home. 

Urban vs. Suburban vs. Rural

Depending on what stage of life you are in, or your lifelong ambitions, where you decide to look for a home can vary. Usually younger home buyers tend to stay close to the cities where they can have access to all the advantages a big city has to offer. As home buyers reach the age where children become a factor, some remain in the cities for convenience, while others are looking for more space and possibly a yard. The tendency is to not go too far since many newer home buyers at this stage still work in the larger cities. As homeowners age and become empty nesters, many older home buyers are downsizing which could mean that they are looking to regain all the comforts they had while living in the city or they are looking to get off the beaten path and head for a more rural environment where they don't have to contend with traffic. There are even special loan programs for people looking for rural homes, learn more about USDA loans here.

Access to Amenities

Once you find a home you like be sure to look for things in the area that will make your life easier. For example, if reading is high on your priority list, you might want to see how far you are from the library. Do you have small children or are you thinking of having children? Things to look for are parks, schools and walkable sidewalks. Once you leave the city or a more urban area, items to be on the lookout for are the distance to the grocery store or a gym to workout. Take a drive around the neighborhood or ask your realtor how far it is to any of the places that you like to frequent.

Distance From Work

Being close to work is a perk for some home buyers. If you are someone who spends late nights at the office or likes to get to work early, you may want to find a home near your work. For these reasons, city living or a mixed use building, very popular in suburban areas where offices and condominiums are co-located, may be a great option for you. For others the trick may be finding a location that accommodates both working partners' needs. If you work in opposite directions, finding something that is amenable to both parties is essential.

Space Considerations

Usually we think about the size of our home when we mention space considerations but in this it is referring to the external areas of your residence. If you have a dog, you will want to be in an area where the dog has access to a park or somewhere to go outside. If you are someone who has hobbies like bike riding, sailing or boating, you will need to be sure that your location has access to storage or a place for you to store your sporting equipment. If you have more than one driver in the family, be sure that your new place has parking for all the vehicles in your family. Finally, consider whether having yard or outdoor space is important to you. If it is, what kind of outdoor living do you like to do. Be aware that many high rise building do not allow barbecue grills on balconies. 

As you look for a new home, think about all the things that are important to you. Be sure to ask your realtor about the neighborhood and any other items that may be on your wish list like access to public transportation or if there are HOA or Condominium rules that might impact your lifestyle. We're happy to help you through #YourLoanJourney contact us today by phone: (877) 255-3554 or log on here to prequalify.