You have found the perfect home for you and your family that meets all of your needs and expectations. But it is further away from your work and shopping than you would like. Should you still purchase?
Ultimately, the decision to purchase is up to you. Before beginning the process, you should research the location and how it could affect you, your family, and your budget.
Location Affects Home Value & Loan Standing
The property’s location plays a large part in not only its purchase price, but resale value, loan standing, and access to loans. For example, the distance your new home is from the local fire station can affect the cost of your homeowners insurance. Another possible issue when dealing with rural properties is flooding. It is not uncommon for a creek to be nearby as you move further and further away from local conveniences.
If any portion of the home (including the basement) is within the flood zone, you will be required by your lender to carry flood insurance for the life of the loan. This can add up quickly over the years. Mineral rights is another issue that can affect property value and should be addressed in all contracts that involve acreage that is not in a platted subdivision.
These sorts of issues that you may encounter as you look further and further from urban and suburban areas are easily dealt with if you are in the hands of an experienced agent. The agents on the Merchant Team know how to handle them!
If you are purchasing a rural property, research zoning, and building restrictions as well as utilities.
Regardless of whether you want children, take a look at the district a home is in before purchase. School districts play a large part in the value of a home as good districts attract buyers and protect home values. Keep in mind that they also increase property taxes and home prices.
Commute Time & Quality Of Life
How far do you have to drive to work or get groceries? Commute time is essential to buyers and sellers alike—if a property is too far away from services such as shopping it could be frequently passed over in favor of something closer. Ask yourself how important it is to you and your family to be close to essential services, entertainment, work, and school.
The trusted experts at Merchant of Homes will work with you to manage your expectations when buying a home or property but help you find what you are looking for and a price you can afford. Always do your research and reach out to a professional when searching for a home