Friday, October 4, 2013

Location, Location, Location: What to think about when buying OR renting a house!


Location- Whenever house hunting couples are constantly inundated with the advice to focus on location! "Make sure the house is in a good neighborhood", "It might be a great house but your stuck in that location", "the proximity of the house to X will drop the value when you go to resell". There are thousands of phrases people give as advice to first time house buyers about location, well now its my turn!

I don't know when I will be buying, because at this point we aren't sure where we will wind up! I am considered moving to a different rental when my lease ends however do you know why? LOCATION! All the house hunting shows and the real estate market show us that you get more for your money the further you are from the "prime locations", whether that means a move to the burbs or just moving to a smaller city near the main hub.

The problem with moving further from your job to save money on rent is how substantial the savings are. According to mapquest my 24 mile trip to my college costs me about $3.34 each way. That turns into $6.68 per day that I drive to campus. Next semester I plan on going in 5 days a week and getting a work study job, then it will be $133.60 a month. This is just driving to school/work and home, it doesn't include ANY other driving, or my husbands driving!

Beyond the cost of gas for the commute we should consider the time cost. If you live thirty minutes away from your work, or college, then that is a minimum of an hour commute each day, more if traffic is bad! I am not a city girl by any means but I also can't justify wasting so much time commuting. There are locations that aren't in the heart of the city closer to my college, and my husbands job!

When your looking for a place, whether your buying or renting, you should be considering location in multiple ways. Location is often referred to in terms of neighboorhood or area safety, we all want to feel safe in our home! My point as far as location is the cost of transportation the further you commute. Reducing your commute also leaves you with more time for your family, friends, hobbies, etc! If you have a job that you see yourself staying at buy or rent nearby!