Location -v- More House for the $$Money

Location -v- More House for the $$Money

It always seem to come down to this.  Whether up-sizing/down-sizing or relocating to a new area buyers are caught in the cross-hairs of seeking the location they love or the more affordable home with the more spacious floor plan away from where they most want to be.

Westahven Homes

The dilemma is always greater for those relocating simply because their impression of an area is based on a quick assessment or what their agent, co-workers, friends, or acquaintances advise them.

In most markets, the closer you get to the most desired location, which in these days is the town center, the higher the price. The rush to the suburbs has slowed or even reversed in the past few years and folks are finding themselves more at home in the cozy main street neighborhoods. (Historic Franklin Tennessee)

Convenience, shorter drive times, proximity to work, shopping, community, worship, and play, have all but trumped the extra large bonus room and large building lot.  So much so, that many of the most successful suburban subdivisions are selling well because they’ve successfully recreated that “main street” look and feel.  (Westhaven – Franklin, TN)  (Tollgate – Thompsons Station, TN)

Suburban Brentwood HomeAs to the question, location-v-size, there is no easy or right answer to this. Much of it depends on the personalities, dreams, and lifestyle of the buyers.  If you aren’t comfortable without a lot rooms to get lost in and have a family that craves separation and room to roam you would likely favor a larger home in a more remote location.  If your idea of separation is a short walk to the park, cafe or coffee house then a smaller place in a walking neighborhood would probably suit you better.

Don’t forget the investment factor of owning a home and the resale aspect.  There is a reason why the price is higher closer to town, they simply sell better and faster.  Assuming this is not your last house you’d want to some assurances that when it is time to sell you can get out for at least what you got in it.  

That suburban area appears to be the future but it is hard to argue with a solid established neighborhood for return on investment.  Sometimes it is hard to imagine the landscape 5, 10, or 20 years from now.  Will a down-turn force developers to build smaller and cheaper houses to keep the neighborhood afloat?  

There are no crystal balls and past performance is not a guarantee of future returns.  So while the investment aspect is important, in the end you have to be happy where you live and in the house you are living.

 Also Posted by Mike Nastri in Active Rain

 

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