Real Estate Matters
By Elisa Jo Eagan
At one time, most homes were purchased primarily based on how close they were to the workplace. Now, for many buyers, the post-COVID increase in work-from-home options and the adoption of the remote work lifestyle have made it possible to consider a wider range of residential options.
Whether you are looking to move into the center of the city, out to the suburbs, or to a rural area, you will want to adjust your expectations and strategies depending on the market that you choose.
Buying in Urban Markets
If you are considering a home in an urban market, take into account the way the following elements will impact your buying decisions.
Cost
Because of the desirability of urban settings, the population density, and the lack of space, you may pay far more per square foot for your urban home. You can also expect to spend a fair amount on condo or co-op fees in addition to your mortgage payment. If you choose to keep a car, you will probably need to purchase a parking space or budget for a hefty monthly parking fee.
While the demand for in-town homes makes it difficult to negotiate on cost, consider looking for ways to save on fees or extras. If you don’t plan on using the building’s recreation facilities, for instance, you may want to look for a building with fewer amenities and lower fees. In addition, consider looking for a building that offers discounted parking facilities or keeping your car garaged farther outside of town, especially if you won’t use it often.
Proximity
One of the advantages of purchasing in an urban market is the ability to be just steps from your workplace and from premier shopping, dining, entertainment, and cultural options. Remember that urban markets can be large and congested. However, just because you are in the city doesn’t mean that you are close to the specific places you will visit most. Be sure to choose a building or neighborhood in the right part of your chosen city center.
Transportation
Getting around town will require money for cabs, Ubers, or public transportation. Often you will pay a premium for a home that is closer to subway stations or major transportation hubs. Determine whether that extra cost will be worthwhile if the added convenience saves you time and money every day.
Security
Crime rates in urban areas can be higher than in suburban and rural markets. Depending on the neighborhood you choose, it may be worthwhile to spend more for a building with better security and with a manned lobby or doorman.
Noise
While many people want to live in town for the proximity to nightlife, major entertainment or sporting events, they quickly find that what’s fun in small doses becomes a frustrating source of constant noise and other disturbances.
You may choose to look for a building that is off the beaten path on a side street or in a smaller neighborhood enclave away from the busiest parts of the city. Alternatively, consider paying more for a unit on a higher floor far above the hustle and bustle.
Pets
You may struggle to find a building that allows pets. Be sure to check out the building’s policies when starting your home search so you can identify those that welcome animals. Some luxury buildings lean into their pet-friendliness with amenities like on-site dog parks and grooming stations.
Buying in Suburban Markets
If you are looking to move to the suburbs, here are some things to consider when choosing the right home and neighborhood.
Commute
If you are able to work from home, you will enjoy the convenience of choosing your suburban neighborhood without having to consider its proximity to the city. Otherwise, you may want to limit your home search to specific areas along the commuter route you use each day. You may also want to identify areas that are convenient to the local airport if you travel frequently, or to favorite in-town features like shopping centers or sporting venues.
Schools
Many suburban buyers are primarily interested in proximity to the area’s best school systems, so do your homework. If you are purchasing a suburban home and you homeschool or do not have school-age children, you may be able to find better deals in idyllic neighborhoods farther away from the top-tier school systems where demand is greatest.
HOA (Home Owner Association)
If you are buying in the suburbs, you’ll find that some of the most desirable neighborhoods come with expensive HOA fees. While these can be advantageous if they offer amenities you will use, they can also be a source of frustration, governing everything from the height of your shrubbery to the color of your front door. Consider the advantages and disadvantages of the HOA when determining which neighborhood is right for you.
Amenities
Some suburbs are monotonous expanses of nearly identical homes and neighborhoods, while others offer beautiful parks and green spaces plus community centers that are reminiscent of charming small towns. If you are looking for an opportunity to get to know your neighbors and to get involved in your local area, you may want to consider a suburban enclave with more amenities.
Buying in Rural Markets
If you are looking for wide-open spaces and a little more peace and quiet, a rural market may be right for you. Here are some things to consider as you decide.
Proximity
In rural markets, you will be less concerned with a commute and more concerned with the distance to the nearest market and well-run medical facilities. Different buyers have different priorities when moving to rural markets. Do you want to go into town just for shopping or for supplies, or do you want to be a regular part of a friendly neighboring small town community?
Zoning
If you are buying rural land and planning to develop it, you will want to research the zoning, verifying the allowable use in the area. This is especially important if you are planning to farm, open a business on your property, subdivide your property, or subdivide your property for multiple homes.
Technology
Many rural areas have limited access to high-quality internet, so it is vital to determine the tech capacity of your chosen area. This is critical if you work from home and have the need for a more robust tech setup than what is commonly available.
Availability
One challenge you may run into when purchasing a home in a rural market is the lack of homes and properties available at any given time. You may also have less variety than you are used to and the homes may not have all of the bells and whistles that you have come to expect.
May your Thanksgiving be filled with many blessings of family, friends, and memories. With hugs, love, and warm regards…
The quest of home ownership is quite an adventure. To discuss your specific needs and real estate goals, call or text Elisa Jo Eagan at 609-703-0432 or visit TheRealEstateGodmother.com.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
