Real estate is an industry that is always in a state of flux. As such, it is imperative that entrepreneurs keep up to date with current best practices, market shifts,
What are the real estate factors to consider when moving to a new city?
I am making the assumption that you are thinking about moving to a new city and purchasing a house. I can’t think of another reason to consider real estate factors when moving to a new city. If I have misunderstood, please clarify specifically what you are considering doing.
That being said, I always consider the following to make the best purchase for me and my family. I hope they help you (I am answering from the perspective of the United States. Factors in other countries may vary):
- What is important to you?
- How much can you afford? It may be tempting to stretch your budget while prices are rising, but prices don’t always rise. Be conservative
- Distance from where you work? Do you need to stretch your dollar and get more space by going to outer-ring suburbs?
- How much space do you really need?
- How many rooms and of what type? How do you live your life? Do you need a formal Living Room? Do you want an open floor plan or do you like some separation between living areas? How many people in your family need their own private space now, and do any need it in a few years (young kids who will be teenagers)?
- What will make your home hold it’s value?
- Highly rated School Districts can drive home value up by hundreds of thousands to millions of dollars
- Within the district, the individual school performance can hold a home’s value
- The closer to the city or employment areas, the higher the cost and better to hold value after you buy
- Does everyone in the neighborhood have a pool? Do you want a pool?
- Individual characteristics
- Is the home located in a desireable spot? Homes across the street from schools and apartments will be less expensive, and harder to sell when you move
- Is it decorated with the latest trends? Are they timeless or will they become dated quickly? Granite or stone countertops are becoming standard in many areas
- Can you get a better price for a house that IS out of date with plans to update later? Are the updates difficult to do while you live in the home (putting in hardwood floors after you move in is really tough – czbinet refacing is relatively easy
- Style – is the home style popular in the city you are moving to? For instance, if everyone loves Tudor styles, buy a Tudor so you have less difficulty reselling later
Best of luck!