If you are looking to buy a new house, you may have narrowed down your choices to a specific neighborhood. Maybe you want to live close to your family, or maybe there is a specific school district you hope to enroll your children in.
It’s understandable that your heart is focused on a specific place to buy. But here’s why you might want to broaden your search and look at different neighborhoods.
1. You could benefit from a wider range of home styles
The more neighborhoods you look at, the more you can be exposed to home styles. And it might lead you to find a more suitable place to buy.
Suppose you decide to focus on a specific neighborhood where the majority of the houses are ranches and settlers. If you broaden your search to other neighborhoods, you may find more custom homes or other styles, like duplexes. And these arrangements may work better for you and your family.
2. You could end up paying less for a house.
If the neighborhood you live in is popular, the prices of its homes may reflect that. And that’s reason enough to examine different neighborhoods.
You never know when moving a few miles one way or another could make you pay a lot less for a house. And that doesn’t just mean having to do less advance payment. It is also having a cheaper price mortgage pay off over what could be many years.
Examining other neighborhoods can also help you determine if you are at risk for paying too much for a house. Suppose a 2,000 square foot, four bedroom home in your target neighborhood has an average listing price of $ 450,000, but in three neighboring neighborhoods you can get the same type of home for $ 400,000. Seeing these price differences might help you conclude that it’s not worth paying an extra $ 50,000 just to be in a specific zip code when you can snag an equally nice house a few miles away.
3. You might come across equipment you never thought you wanted
Different neighborhoods have different types of charm. The neighborhood at the top of the list may have great schools and beautiful parks, but another neighborhood might have more shops and cafes. Or maybe another neighborhood looks better, with small gardens or flower beds dotted around.
In addition, some neighborhoods may be better suited from a demographic point of view. If you’re a couple in your twenties or thirties with two young children, for example, you might find more families in a similar boat in a neighborhood with more than departure houses.
Sometimes you don’t know which amenities are important to you until you see them on display. So exploring different neighborhoods might open your eyes to more possibilities.
There is nothing wrong with focusing on a specific neighborhood when buying a home. But it might be beneficial to look at several neighborhoods before making your decision. You may eventually find that a neighborhood that didn’t initially hit your radar is actually the perfect place to call home.
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