A Step-by-Step Guide to Choosing a Location for Your New Home
Choosing the right location for your new home is an important decision, and often a difficult one. There is no one right answer to the best location for a home since everyone has different needs and preferences. While many people think of a home’s location in terms of resale value, you will also want to consider what’s most important to you, your plans for the future, and, of course, your budget. Follow this step-by-step guide to choosing the right location for your new construction home.
- Figure Out Your Budget
- Prioritize Essential Criteria
- Consider Your Preferences
- Assess Resale Value
Step 1: Figure Out Your Budget
Home prices vary drastically between cities, neighborhoods, and rural and urban locations, therefore it’s essential to figure out how much money you can spend on a home before you start considering options. Homes located in or close to large cities tend to be in higher demand and therefore are more expensive than those in the suburbs and in rural areas. Other factors that drive up home prices in a particular location may include access to highly ranked schools, proximity to lakes, beaches, and other attractions, and desirable weather conditions.
The best way to understand your budget is to go through the process of getting preapproved for a loan. Mortgage preapproval looks at your current income, assets, debts, and credit score to determine how much you can borrow to buy a home and at what interest rate.
Step 2: Prioritize Essential Criteria
Once you know how much you can spend on your new home, you need to prioritize your essential criteria for a location. This may include:
Job Opportunities
Unless you work remotely or are retired, you will need to choose a location that allows you to maintain your income, whether this is by commuting to your existing workplace or finding a new job or business opportunity. Wages and types of opportunities available vary between different areas. In general, large cities provide the most job and business opportunities and tend to offer the highest paying jobs, however smaller suburbs and rural areas do offer various career opportunities as well. You will need to consider the type of employment you are looking for, how the available wages in the area compare with the cost of living, and how far you are willing to commute to work.
Education Options
If you have children or are planning to have children in the future, you will want to investigate the quality of the education options in any location you are considering. Even if your children are young or you do not have children yet, this is an important consideration for the future if you plan on living in your home for the long term. School rankings can be found online and are a useful starting point, but you will also want to talk to other parents who live in the area and maybe even visit local schools yourself to make sure they are a good fit for your children.
Safety
Everyone wants to live in an area where they can feel safe at all times. When considering a location for your new home, it’s a good idea to check crime rates online. Keep in mind that although certain cities may have high crime rates, it’s important to also check the crime data for the specific neighborhood you are considering since this may be significantly different. You may also want to talk to people who live in the area about their experiences.
Step 3: Consider Your Preferences
Getting clear on your unique preferences relating to your home’s location will help to ensure that you are happy with your final decision. You may want to consider:
Type of Location
When answering the question, “Where do I want to live?” the type of location you prefer is one of the key factors to think about. Do you want to live in a big city with access to a variety of career and entertainment opportunities, or would you prefer a rural area offering more tranquility and room to roam? While you may have a definite preference for one or the other, it’s important to keep in mind that the further away you live from a large city, the less you are likely to pay for a home. Many people find the suburbs to be a happy medium between the two since they offer a peaceful atmosphere and spacious homes along with close proximity to a larger city.
Climate
Although the climate is an important consideration for most people when choosing a location for their home, individuals differ in the type of weather they enjoy. Some people want warm weather and sunshine year-round, while others enjoy the beauty that comes with changes in the seasons. Whatever your preference, be sure to check out weather patterns for different times of the year when considering a location for your new home.
Amenities
Decide on what types of amenities you would like to have close by and how close you want them to be. These may include essential amenities such as grocery stores, other retail stores, and health care facilities, as well as recreational amenities such as restaurants, parks, and swimming pools.
Entertainment and Attractions
Consider how you and your family members like to spend your time and whether these activities will be available to you in your new location. If you enjoy the great outdoors, it’s important to consider the types of outdoor attractions available in an area and how they suit your preferences. Some people want to live close to the coastline so they can sink their toes in the sand and hear the splash of the waves at any time. Others prefer a more inland setting with lush greenery and opportunities for hiking, biking, and other activities.
Cultural attractions, such as museums, theaters, and professional sports, are a must-have for some people, while others just enjoy them once in a while. This type of entertainment tends to be more widely available in large cities but smaller towns may have their own unique attractions as well. Look up “things to do” in the city or town you are considering or go and spend a day there and check it out for yourself!
Walkability
For some people, the walkability of an area is very important. Do you want to be able to walk to the grocery store or take the stroller to the park? Do you want to make sure your neighborhood has sidewalks where you can walk your dog or go for your morning run? The best way to figure out how walkable an area is is to go there and take a walk through it.
Step 4: Assess Resale Value
When considering a potential location, be sure to assess its resale value as well. Buying a new construction home is one of the best ways to ensure good resale value in the future. Home builders carefully assess each location they build in to ensure it will be attractive to homebuyers. When building in an established area, they are careful to select safe and family-friendly areas offering high-quality schools and amenities. They also commonly choose to build in up-and-coming areas that have future plans for growth and development. Buying a home in an upcoming area gives you a better chance of receiving a good return on your investment since the demand for homes in that location will likely increase as the area develops and becomes more desirable to homebuyers over time.
NewHomesMate Is Here to Help You Find the Ideal Location for Your New Home
Once you’re clear on your budget, essential criteria, and personal preferences, you can begin researching and learning about potential locations to assess how they fit with your needs and lifestyle. Every location has its advantages and disadvantages and, therefore, choosing the ideal location for your new home comes down to what’s most important to you and your family.
At NewHomesMate, we believe that knowledge is power when it comes to finding and deciding on the best location for your new home. Our agents have in-depth knowledge of their local areas and the new construction housing market. They are committed to understanding your needs and preferences to help you find the ideal location for your new construction home. Learn more about us and start searching for your new construction home with NewHomesMate today!