Choosing the right location for your future home
When you are thinking about changing your home and you study the expenses that you will have to face, you usually focus on the purchase or rental price of the home. It’s clear that the main consideration you will make is the price of the home (purchase or rent), but do not forget to also consider important aspects as the distance to your workplace, schools, public transport, health centres, family and friends, and the neighborhood you choose. The neighbourhood where you end up residing is important for your well-being and for your budget. It does not have an immediate impact but with the passage of time it can become significant and finally question your decision.
We made a list of important aspects that you should consider before choosing what neighbourhood you want to live:
Costs of living:
It is important that your level of income allows you to live peacefully and covering your needs. The prices of purchase or rent can vary much between districts and also the prices of consumer goods (such as food, general, supplies, municipal taxes, etc).
It is really important that when you choose a place to live, in most cases your income does not vary, but your expenses will.
Value of the house:
Buying a flat/house is one of the great investments you’ll make in your life. Therefore, it’s best you study the real estate market in the area that interests you (current prices, existing demand…) and also if there are any factors that’ll impact your future and may add value such as the subway being constructed close by or new tech companies moving in, etc.
If you ever have to sell your flat/ house and if you bought at a good price and were successfully in choosing the area then you’re home will be at a higher value.
It is essential that you take into account the time and money that you will use to travel from home to work, school or the shopping area where you make your purchases.
If you can do all this on foot and in a short time, the economic savings will be huge and you will gain time for yourself. If you cannot do this by foot, but you are connected to a good public transport network, it will take more or less time but it will not cost you too much money.
On the other hand, if normally you need to travel in a private vehicle, spending time and money can become important and finally make you question the decision. Do not forget the cost of paying a parking space each month, if you live in a place where it is difficult to park your vehicle on the street.
Proximity with your social environment:
If you want to live close to family and friends, is this another factor to consider.
Social life is very important for the well-being of people. Especially if you have small children or planning to have children sooner than later. Having close family can sometimes solve many logistical problems and can save you a lot of money in in childcare.
Having a primary care centre/hospital close to by is important in all stages of life but especially if you have small children or you are older. It is something that provides tranquillity and quality of life. Normally, the best provision of health services is concentrated in urban areas.
If you have school aged children the proximity of schools is an essential element in choosing a home. The proximity between the house and the school equals comfort as it may save time and money.
Crime statistics indicate important differences between neighbourhoods. Safety is something that varies over time and is conditioned by structural elements (economic situation of the country, the degree of social cohesion, prevention policies…).
Also for more practical elements such as the type of housing (single-family house or flat), the influx of people in the streets, street lighting or the proximity of public transport, which can provide a better sense of security.
Safety has economic implications because it can push you to install alarm systems or invest in special locks, doors and windows to feel more secure.
No matter what factors you decide make sure you have a professional to answer any of your questions.
I hope this article was helpful for you!
Núria Ventura Meyer