Looking Over Your New Home’s Location Before Buying
One of the forgotten topics of buying a home is often the location of the home being bought. Especially when money is an issue (and for the vast majority of us money will always be an issue), it can often feel as though the only thing that matters is finding home within our price range and then making an offer. Because of the way the financial system works in this country, things such as a home’s condition and a home’s location can fail to register among the important considerations in a homebuyer’s mind.
This current series of articles is our small attempt to reframe these issues for the purpose of decreasing the number of home sales that result in people buying homes that, simply put, are not a good fit for them. We’ve already written about the dangers of not considering a home’s condition when an offer is made as well as making the mistake of buying something outside of your actual price range. Today, we are going to look at the mistakes people can make when they fail to take a home’s location into consideration.
An article from Business Insider published in 2017 reported that studies found that commute time played a major role in the overall well-being of individuals. In fact, the addition of 20 extra minutes onto a person’s commute time had the same overall effect as when their pay was cut by 19%. If this isn’t clear enough, let me put it plainly: time is money.
Because our well-being is so associated with how long we are spending getting to and from work, it should follow that people put some serious thought into where a home is located before placing an offer. But this isn’t the case.
And it isn’t the case for a number of reasons! It’s an unfortunate fact that many of us work in areas in which we could not afford a home. Or perhaps we have a job now that we intend on leaving in the future, which would mean that buying a home close to our current work would immediately become pointless as soon as our employment shifts.
Regardless of what you ultimately decide, the important fact is that you go into the decision making process with all the information you can gather. This way, when issues do arise (and they always will), you can approach them without being completely blindsided by their existence.