When buying your first home, there are a lot of things to consider, but one thing you might want to look at is how the home values are impacted by location.
Suburban Homes Generally Have More Space Than Urban Homes
If you’re someone who wants to live in a big house, you’re definitely going to have an easier time hunting for a house in the suburbs than you will hunting for one in the city.
The median square footage for an urban home is 1,680, as opposed to the suburban home’s median square footage average of 1,900 square feet. The more people you have, the more appealing those extra feet are going to have.
Urban Properties Gain Value More Quickly Than Suburban Properties.
The fact that urban homes gain value more quickly than suburban homes means that buying an urban home can be a good long-term investment. At the same time, you may not be ready to buy yet.
In that case, you may be more interested in renting. If you’re renting, you’ll find that rents increase in urban areas more quickly than in suburban ones.
Which Would You Prefer to Live In?
At the end of the day, many people out there have a strong preference for living in either the city or the suburbs. They know what will make them happy, what they’re used to, and what they yearn for. If this describes you, you should probably just buy the home that you’ll better appreciate.
Although a home is an investment, it is also a place you’re going to have to live in. So it’s best in this case to think of your lifestyle, and what you’re looking for.
Looking to Buy a Home in the City or the Suburbs?
Emmanuel St. Germain and Choice Mortgage Bank can help you get the mortgage you need.
Interested in learning more about what Emmanuel St. Germain and Choice Mortgage Bank can do for you?
Contact us today at 561-362-8204, or toll-free at 800-794-8144 x209. If it’s out of normal business hours, Emmanuel St. Germain’s cell phone number is 561-400-7317.