Are you beginning your new home purchasing journey? Consider the following key factors when choosing the right location for your family, as well as for optimizing the property's resale potential. 

Aerial Google Map photo of a Charlottesville neighborhood

TRYING BEFORE BUYING

Consider the option of renting before purchasing. This is a very good idea, especially when moving a long distance or to an unfamiliar city or region, and it will likely help in making a more informed home-purchasing decision.

LOCAL TAXES, OTHER EXPENSES

It's important to research the local taxes and additional home-purchasing expenses. Even if you're renting to start, property taxes can have a strong influence on housing costs and on the overall cost of living. Don't forget about the additional expenses of living in a certain neighborhood. If you're moving into a country club development or a condo, you may be responsible for a costly homeowner's association fee. A change in the tax rate can also affect monthly payments, so by having an idea of how rates have moved over the past several years can offer a view of what they might do in the future.

PRIORITIZING SAFETY

Another very important aspect of a home-purchasing decision is the local crime rate. Crime statistics and neighborhood stability go hand in hand. While a less safe area may have lower rents and home prices, making it cheaper to locate there, it may also come with greater risk of property damage or theft. Your real estate agent will be able to offer sound insight on local statistics.

EDUCATION AND LIFESTYLE AMENITIES

The quality of the school system will affect property resale values. On the other hand, if you're renting and do not have children, good schools in the area may not be a priority, with the exception of resale value.

Local amenities are also a key factor in choosing where to buy a home. The availability of neighborhood parks, libraries, bike trails, local business and shops all affect property values.

FUTURE DEVELOPMENT

A quiet, private neighborhood with dense tree cover may sound ideal to a prospective homebuyer, but for developers, it means more opportunities to expand. It's important to find out what other developments are planned the area, as the supply pipeline—and construction process—can impact the resale value of a property.

Our Montague Miller & Co REALTORS® are familiar with these factors and will help guide you in finding the right neighborhood for you and your family. Ready to move forward?  Contact one of our agents in your area to help with your journey!