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Home Purchase Goals – Size vs Location

It is often said that location is the most important aspect to consider when purchasing a home, however for many the decision is driven by size and amenities. Both location and size are crucial factors, but which is more important to you depends on what matches your lifestyle.

Realtors will most likely tell you it is always more important to consider location, and this is especially true if the following list aligns with your plans:

  • Quality schools – this is a driving factor for families with school age children
  • Rental income potential – the areas rental market is important if you foresee renting your home to long-term tenants or short-term Airbnb visitors
  • Commute to work – the time involved as well as the cost to commute impact many purchase decisions
  • Community amenities – you may consider amenities as very important if you love to golf, enjoy lounging at the pool, or want a neighborhood playground
  • Resale value – highly sought after locations typically provide a higher appreciation rate

Size may be the primary factor for your home search if the following items top your priority list:

  • Blending a family – it is common for a blended family to result in the purchase of a large home to accommodate both families
  • Future plans to have a family – couples who plan to start a family often buy a home larger than they need now to accommodate their family plans
  • Frequent house guests – some people love to have space available for their family, friends, and even Airbnb renters to enjoy staying in a part of their home
  • Minimalist living and downsizing – another group that consider home size as a critical factor are those that specifically want smaller homes

Whether your home purchase is driven by location or size, these are good things to consider:

  • Age and condition of the home
  • Price verses your budget
  • Neighborhood quality
  • Current housing market
  • Crime rates in the area
  • Insurance rates in the area

NEWS: Loan limits have recently been increased for 2019, new limits are $484,350 for conforming & $726,525 for high balance. Read full detailed article here:

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Notary Near YouHome Purchase Goals – Size vs Location

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