When buying a home, many make a list of all the aspects of a home that are important to them. When compiling these ideas don’t forget about location. You will not only be moving into a new home but also a new community. The neighborhood will have a significant effect on your lifestyle, as well as, the value of your home for years to come. Take some time to think through how the location of a home relates to the many considerations of the home buying process. Professional La Grange IL real estate agent Kate Boyle offers these valuable insights.
Analyzing a Location
One way to start assessing a neighborhood is to record what you would like. Do you love the city life? Would you like to walk to local shops? Perhaps accessible public transportation is your preferred mode of travel for that commute to work. Or you might love nature, seclusion, and peace and quiet. If you are somewhere in between, the suburban life might be right up your alley. By listing what is important to you making choices becomes easier as you will know what to turn down. Next, attend some open houses, visit local hot spots, and talk with people in the neighborhood. It is also important to get some hard facts. You can find crime statistics and information about the local school district online. Rely on your real estate agent for recommendations specific to the areas you are considering.
Investors know that buying a home in a great community is always worth it, even if the home needs some repairs. This just means that the work will have to be put in. In this scenario, it is best to have the home inspected to get an accurate understanding of the condition. Price out repairs and renovations that need to be done. This would very much be an investment as the value of the home will likely increase when the work is complete and the home reflects the positives of the neighborhood. If you are considering a newly renovated property in a great town there is good news for you as well. It is probable that it will hold its value over time. No one knows the future, of course, however, the housing market is one where appreciation is a mainstay for the most part.
If the location of the home you are considering is less than desirable buying a home in great condition may not be the best choice. It is possible that you will be able to sell the home in the future and hold its value, but the with the surrounding neighborhood working against you it is a risk. If the home needs some work and the neighborhood is itself growing and changing for the better you will be on safer ground.
For more help with the buying process contact Kate Boyle today!