Choosing your home is one of the most important decisions you will make as a family. It is a place where we create memories and cherish them for years to come. However, the perfect home is more than just bricks and mortar. As an extension of your family, it reflects your personality and lifestyle. Keeping this in mind, here are a few things to consider on top of the usual pragmatic and financial rationale.
The Location is the Most Crucial Factor.
Before worrying about anything else, you’ll be wise to consider the property’s location. Ask yourself whether it fits your needs. Are there nearby amenities to make everyday life easier, such as schools and hospitals? Similarly, you better pick the suburbs to provide an environment where your family can explore nature and reap the benefits of being outside.
When builders develop new affordable homes, they consider suburban areas with close access to major freeways. These ensure a short commute distance to business districts and big-city amenities. For example, the city of Minneapolis, where housing developments dot the map, forms a ring around the crowded downtown.
Safety and Convenience
While many people believe that resell prices reflect decorative specifics, experienced investors know better. In general, safety and convenience are much more critical for leading a modern lifestyle, which positively affects the price of a community. To such an end, ask yourself whether the neighborhood is safe and vibrant, with good transportation options to the rest of the city.
For convenience’s sake, look around and ensure you have access to dining and shopping venues, entertainment, recreation, and leisure. As for safety, the general statistics for the area can provide ample reassurance, but gated streets and communities offer even more protection.
Think About the Layout
Take a moment to assess your life goals and think about the property’s layout. Is it spacious enough to accommodate plans such as a growing family or an office space? Are there areas that can adapt to suit your needs in the future? More important, still, will you need to make significant renovations to realize your vision? Is this something you are willing to consider or commit to alongside other responsibilities?
According to the US Census Bureau Survey of Construction, 58% of single-family homes favor a two-story layout. Similarly, most homes rely on open-concept living, which gives plenty of space to reinvent the design and make modifications.
Backyards and Patios
Backyards and patios are perfect for enjoying the outdoors while keeping a sense of privacy. Whether you want an outdoor playground for your children or a quiet spot to relax with friends and family, patios are a great addition to any home.
Moreover, these private areas offer access to various activities, such as barbecue parties and gardening. To that end, look for a home with plenty of land and the potential to create your outdoor oasis. Patios have become increasingly popular and not just for aesthetics; a well-maintained deck adds considerable value to any home.
Insulation and HVAC
Insulation is essential for energy efficiency, which can reduce your bills considerably. Similarly, you should ensure the HVAC system is up to date and in good condition. After all, it’s one of the most expensive components within the home, with typical installations ranging from $3,200-12,500.
Depending on the local climate, the R-number of the insulation will determine its overall efficiency. Still, you are better off being concerned about other systems in the home, such as the roof and gutters. Building permits consider optimal energy efficiency, so if there is any problem, it is more likely to come as a result of poor maintenance. To that end, buying a new home is considerably better than looking for an older property. According to many investment criteria, it will rent and sell much higher, giving you fewer problems to worry about on the financial front.
Never Buy the Most Expensive House on the Block
While expensive properties are tempting to snatch, they are usually the worse investment option. Often, the price of homes would be determined by the most expansive unit on the street. Similarly, it would create a price ceiling that dictates the appreciation potential of nearby properties.
Of course, other factors also determine price, most notably the proximity to quality amenities, schools, and job centers. However, local home clusters have their unique price dynamic, so it is always better to shop for a more affordable option, especially in relation to neighboring models.