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Why homebuyers are looking at commutes and schools when buying

Why Homebuyers are Looking at Commutes and Schools When Buying

If you’re buying property, you should be looking at schools and commutes before you buy. More homebuyers are basing their buying decisions not only on the actual property, but on the neighborhood where it is located. There’s a very simple reason for this: the total cost of living in your home is not just about the total price of your home and mortgage. The cost of actually getting places from your home is also an important consideration, especially now, with gas prices rising.

For example, let’s say that you do the math and you figure out that it costs you one dollar to get to and from work everyday. Let’s say that it costs you an additional $.50 to drop your children off at school. That means that you’re spending $1.50 on transportation between schools and work every day, five days a week. If a new property you are considering costs you $1.50 to get to and from work and one dollar to drop your children off at school, that can quickly add up. Your new property will cost you an extra $260 every year – and that does not include the costs of going grocery shopping and running errands. If you invested the money instead, you can buy yourself a nice boat or vacation home retirement.

It’s not just about the money. As more of us are aware of the effects of climate change and pollution, shorter commutes translate into a smaller carbon footprint and therefore into healthier breathing air. Plus, long commutes mean traffic pileups, delays, and additional stress as well as potential lateness for work. While that dream home may look wonderful, the fact that it’s located two hours from work and other amenities can be a problem. More and more homebuyers are realizing that closeness counts.

Similarly, many homeowners are considering schools when they buy their property — even if they have no children. If you do have children, of course, a good local school can mean the difference between an excellent education and additional tuition costs at a private school. Even if you don’t have children, though, a good school nearby is often an excellent indication of possible future property values. If you have to resell your home, being able to boast that an award-winning school is just within walking distance can be a major attraction for homebuyers. Even if you plan on living in your home for a while, it’s an important consideration to keep in mind. If you ever decide to rent, a good school nearby can mean more interested tenants and a better rental income.

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