Most people when relocating use price as the sole determining factor while there are a lot of other factors that need to be taken into consideration.
- Location to work
- Location to schools
- Location to entertainment
As they say location, location, location are the three most important words in real estate. And this is taken into account when pricing a home as well as when someone is buying the same home. If the home is exceptionally inexpensive and we don’t know the area we could make a very bad mistake by purchasing a home that because of its location is not nearly as desirable as one that is in a more conducive location to the employment and other elements that make a home worth more than a home that may be very similar.
Location can make it more expensive to live somewhere because the drive to work has an extra 30 minutes which over the course of a year means 260 hours spent in a car getting to and from work. Two hundred and sixty hours may not sound like a lot to some people so we will look at the cost of just gas. Gas alone is the over $2000 dollars a year for the average car. This doesn’t even include the cost of wear and tear on the car or depreciation of the car because of the additional 15,600 miles put on the car in the course of a year. This cost is not tax-deductible for most people and should be added to the cost of purchase before we buy a home that is not in a convenient location.
Always remember the three words as they may not be important to us at first but they will become very important later on and they will most likely be important to others when it is time to sell the home.