When you buy a home, a number of factors influence your decision. One factor to consider is the school district. A good school system is a sign that the home values are strong in that neighborhood.
According to a survey conducted by Realtor.com, one in five buyers would give up a bedroom or a garage for a better school. One out of three would buy a smaller home. And one half of buyers would give up shopping and commerce areas for better schools.
Buyers are also willing to spend more money. One out of five homebuyers said they would pay six to ten percent above their budget for the right school. One out of ten would double that to twenty percent.
Look carefully around the neighborhood! – Don’t be dazzled by a great home at a good price without getting the lay of the land before you buy. Visit the neighborhood at different times of day so you can assess factors such as traffic, noise and safety. Take a walk through the nearby streets to see how you would feel living there. Do you share things in common with your potential neighbors? For example, are there mostly singles or families living there? How active are they? Does the neighborhood have a clean and well-cared-for feeling?
Bigger does not mean better – Try as we might to displace this myth, North Americans like things large. Big house, big car, means big value, right? Not necessarily. If the house you are considering is the biggest on the block, it might not hold value well. You want to blend with your surroundings, not be the highest priced house in it. If the home you are considering has a new five-car garage, for instance, buy it because that’s what you need, not because of a perceived better resale value.
Buy when the time is right… for you – I know you’ve heard that you can get a better deal around the holidays or in the depths of winter because sellers are eager and maybe even a bit desperate then. But the truth is that every sale is different and you should either jump on a deal or sit back and wait depending on the individual circumstances. In other words, here is no “best” time to buy a home.