Buying a home is one of the most rewarding and fiscally responsible decisions you can make. One of the most fun parts of the home-buying process is deciding where your new home will be located. A fundamental aspect of this decision is choosing whether you want to live in a city or the suburbs. While there are a host of factors that ultimately determine where you choose to buy a home, here are a few variables that will likely go into your decision.
In general, lot sizes in the suburbs tend to be larger. If you want some land to be able to have a garden, host outdoor get-togethers, or do other outdoor activities, a house in the suburbs is the only way to go. Of course, extra land means extra time spent mowing the lawn, edging, and performing other maintenance tasks. Therefore, if you’re looking for a low-maintenance exterior space, the city is perfect for you.
Most thriving cities are known for providing easy access to a variety of amenities within a short distance. Unique restaurants, shops, and other businesses tend to be located in a city’s core, while more generic chain businesses tend to locate themselves in the suburbs. If you want to experience the best of your city on a regular basis, living in the city center is an appealing option.
If you don’t have a car, living in a city is almost a non-negotiable. With so many amenities so close together, you’ll find that you can depend on public transportation in a city, saving you the expense of owning a car. Of course, if you live in a well-planned suburban area, you will still be within walking distance of multiple amenities and within an easy drive of plenty more.
Real estate in a city is a precious resource. Since the demand for this real estate tends to be high, the price of real estate in the city is also high. This means that if you’re looking for something more affordable, the suburbs are the first place you should look—the farther you get from the downtown area, the more prices tend to fall. It’s important to note, though, that many suburban neighborhoods have their own tax districts, meaning that higher taxes may erase some of the savings you discover as a result of staying out of the city. A real estate agent, like John Hook Team: KYRO Real Estate, can help you find something in your price range.
Ultimately, it’s important to remember that if you invest wisely in real estate, you will be able to move as your needs and wants change. A good piece of real estate will retain its value, giving you a good equity position to be able to move within a few years of your purchase. So, above all, make sure to make wise real estate purchases, no matter where that real estate happens to be located.