Split Decision: Should you Buy for the House or the Neighborhood?
When you go home shopping, you know the kind of house you want and the type of neighborhood it should be in. Unfortunately, you can’t always find the combination you want. Many times the perfect home is in the wrong neighborhood, and you can’t afford to buy in the location you prefer. You will have to make a sacrifice. Will it be the home or the neighborhood?
When The Neighborhood Is Most Important
If you have children, you may feel it’s important to live near a good school, library, park, and medical facility. Established neighborhoods have shopping centers, dining, and entertainment available, which is important for families. In order to provide the education you want your children to have, you may decide to go for a less desirable home in your preferred neighborhood, If you choose an older home, you can gradually redecorate and modernize it while living there. When you are ready to sell, it will have a higher resale value.
When The House Is Most Important
You may find the perfect home, but the neighborhood isn’t developed. The house has everything you want, and you have to make a decision. There are no local restaurants, pubs, movie theaters, schools, or parks. If you have children, they will have to ride a bus to school. It may be a half hour ride to your favorite dining spots and shopping malls. If you really love the home and can see yourself living there for many years, the inconveniences may be worth it. The neighborhood will gradually develop, and in four or five years may offer all the amenities you want. Only you can determine if the wait is worth buying the perfect house.
What Real Estate Agents Have Discovered
Some real estate agencies have found that sellers will miss their neighborhoods more than their home, but buyers are looking for the perfect home. First-time buyers should take extra care when making this decision. Families with children have the most needs to consider. Make a list of your housing priorities for the next five years and insert it into the decision-making process of home versus neighborhood. You may discover a sacrifice, in the beginning, becomes a plus in a few years.
Your finances will be the final decision maker when you have to choose between house and neighborhood. Before you apply for a mortgage loan, check your credit and be sure it’s in good shape and all information is correct. There are a variety of loan types available, and you can check here for some great options. Choosing the right mortgage loan for your financial circumstances and future plans is critical. Shop around for the best financing option, and look for the best interest rate. Don’t necessarily take the first offer you receive.
The decision between house and neighborhood is challenging, but you can make the right decision. Take time to research the area for potential growth or decline. You won’t be living in this home forever, and take that into consideration as well.