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Location, Location, Location—Why It’s So Important When Buying a Home

A photo of a map

You may have heard the real estate adage: the three most important things in real estate are location, location and location. But what exactly does that mean for home buyers? In this week’s Home Matters Blog, we explore the importance of location when buying your first home in North Carolina, so you can make the right choice for the long term.

Location is the One Thing You Can’t Change
Many people buy a home for the freedom to have the home they want, not the home that a landlord can provide. There are many things you can change about your home, from landscaping and paint to full renovations if you so desire. However, where your home is located is the one thing that a homeowner can never change. When choosing your home, it’s important to consider not just the home itself, which you can tailor to your wants and needs in the future, but also where it is located.

Schools are Location-Dependent
When searching for homes, one of the biggest questions buyers may have for the real estate agent is what the schools are like in that home’s district. For homeowners with children or who plan to have children, the quality and proximity of schools is of very high importance. If your kids will attend public schools, the location of your home will determine which school your child will go to, which may impact their education, extracurricular activities and friend groups. However, it’s important to keep in mind that school districts can be redrawn, new schools can be built and old ones closed, and school quality can change over the years, so the district you buy in now can look very different in the future.

What’s Nearby Will Impact Your Quality of Life
The location of your home in relation to what is around it should be a huge factor in your decision to buy. Many buyers think hard about the home itself, but not what the community around it offers. If a buyer has kids or plans to have them in the future, a home near parks, recreation areas and other neighborhoods might be a priority. Those who love the food scene and nightlife might want to be close to restaurants and entertainment venues. Likewise, buying a beautiful home that is 30 minutes away from the nearest grocery store might be challenging enough to make the home not worth it. When looking for your new home, consider the location of your home and what is around it before you make a decision that can impact your life for years.

Don’t Forget Transportation
Many first-time buyers who rented in the city are used to being able to walk to their favorite restaurants, take the bus to work and enjoy amenities that are in walking distance. On the other hand, buyers who have rented outside of the city might be used to having their cars with them at all times. All of that can change when you choose a location to live for the long term. Before you buy, be sure to take stock of the transportation needs and requirements of the location you choose to live in. Otherwise, you might find yourself in the suburbs without a car, or in the city without your walking shoes.

Location is one of the many important things to consider when choosing your new home. It’s also important to consider affordability before you buy. The NC Home Advantage Mortgage™, offered by the NC Housing Finance Agency, might be the boost you need to get you into the home of your dreams.

Learn more about the NC Home Advantage Mortgage™ and all the ways that the NC Housing Finance Agency can help make home happen for you at NCHomeAdvantage.com.