Location - Where Do You Want to Live?
One of the most important tasks in a successful home-building project
is choosing the geographic area where you want your new home to be
built. In this context, “geographic area” means the general
vicinity where you will be living.
The idea is to choose the county, the city and maybe the subdivision
where your new home will be located before you choose a specific building
site. If you don't investigate the area thoroughly before you decide
to build, disappointment may be the result.
Investigating an area takes time and effort. Here are 10 factors you
may wish to consider:
- Price
The area typically should have homes priced within your budget. It's
unrealistic to try to build a moderately priced home in a luxury-home
area and it's equally unwise to try to build an expensive home in an
area of lower-priced homes. Eventually, you will want to sell your
home, and it's generally easier to sell a home that is consistent in
value with other homes in the neighborhood.
- Economic Potential
Some areas are growing quickly, others have stable growth, and still
others are in a period of decline. Choosing an area that's experiencing
an economic decline may prove unwise. A hot area can offer quicker
appreciation in home values and a wider choice of subdivisions and
home-building sites, but fast-growing areas tend to suffer from growing
pains. Infrastructure, schools and public services might not be adequate
to meet the demand from new residents. Traffic and commercial development
tend to be more hectic in growing communities as well. Stable communities
offer slower home value appreciation, but are more likely to have infrastructure,
schools and public services in place.
- Commuting Time
Home buyers tend to visit various areas during off-hours or on weekends
when the traffic is light and the driving time from home to work seems
reasonable. If you are considering an area remote from your place of
employment, practice the commute during the hours when you'll normally
be driving to make sure the commitment is acceptable to you. You might
also want to consider the location of grocery stores and other types
of shops that you frequent. A beautiful subdivision in the country
can lose some of its luster when you realize the nearest store is 10
miles away.
- Property Taxes and Assessments
Take a realistic look at the real estate taxes you can expect to pay
in the area. A little extra research probably will uncover any planned
special assessments or tax increases. Fast-growing areas tend to need
funds to pay for new infrastructure, schools and public services.
- Schools
The quality of the public schools in an area is among the most important
considerations for families with children. But people who don't have
school-aged children also usually should consider the quality of the
local schools because that factor will affect every home's resale value.
You may also wish to consider the area's proximity to the religious
services you attend.
- Law Enforcement and Fire-Fighting Services
Don't overlook the availability of police and fire protection services
in an area, particularly if you're considering a rural community. Making
sure these services are available and of high quality is important
not only for your health and safety, but also because the lack of such
services can significantly increase your homeowner's insurance premiums.
- Physicians and Medical Facilities
Will you be able to find a suitable family doctor near your new home?
If you have pre-existing medical conditions, are necessary specialists
practicing in the area or within a reasonable driving distance for
you? Does the area have a hospital and emergency room services? Even
if you don't have an immediate need for medical services, their availability
can prove life-altering in the event of a medical emergency or serious
illness.
- Parks and Recreational Facilities
A good parks and recreation program can enhance your family's life and
make living in an area more enjoyable. These public services also can
affect the resale value of your new home. Find out whether youth sports
programs, community events and ample parks exist in the area.
- Utilities
Be sure to investigate the availability of utility hookups before you
decide to build a home in a particular area. Will public water and
sewer hookups be available? Will your new home require a septic system?
Confirm the availability of natural gas, telephone and cable television
services. Ask about the fee for initiating each service and typical
monthly bills.
- Quality of Life
Research any other situations that could detract from or add to the quality
of your life in the area. Are plans in place for a new international
airport? Will your home be uncomfortably close to train tracks or heavily
trafficked highways? Is there a sewage treatment plant or landfill
in the area?
- Finally...
If you want to live in a subdivision where the for-sale lots are owned
by one builder, you may be forced to hire that builder to construct
your home. If that's the case, you'll need to take the builder's reputation
into account when you decide whether you want to live in that subdivision.
You may be able to buy an individual undeveloped site within the subdivision
from the developer, the builder or a private party, but make sure you
know the ground rules before you set your heart on a particular subdivision.
Keep in mind that your new home will be more than “sticks and
bricks” on a lot. You and your family will join an existing community
and your enjoyment of your new home will depend largely on whether
you choose your new community wisely.
Articles Courtesy of HomeBuilder.com
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