Where Should You Buy a House - City or Suburb?

"Where should I buy or build a house? in city or suburban area?" This is one of the question I am frequently receiving from people. Most of the time an answer to this question gets influenced by the present status and living standards of the person.  However, a comparative study would probably help you to reach to a right decision.

If you are planning buy a house anywhere in India, start with the article, a must have checklist before buying a home.

Buying a House in City - The Good and Bad?

It is easy for city loving people to take this decision. However, those who came from villages and suburban place to the city may confused with this question. City life may not be enjoyable for people who came from calm places. However, the facilities what city offering to the residents may not be available in the village or suburban places.

Why city is good to buy or build your home?

1. Availability of various facilities such as transport, school, colleges, hospitals etc..
2. Availability of job opportunities
3. Higher study opportunities
4. Better life style
5. Rental income can be expected to a good level
6. House would be a fantastic investment in Cities.

Why city is not?

1. Not a better place for retirement life
2. Congested areas
3. Air contamination and less quality of water
4. High cost of life
5. High cost to buy a home

A House in Suburban Area - Important Facts to Remember

Considering the above advantages and disadvantages I feel buying a house near the city or the suburban areas may be a good option. and considering As buying a house is a onetime huge investments, proper planning is required.

Advantages of Buying a House in Suburban Areas

1. Suburban areas are growing fast
2. It would have enough connectivity to the city and can reach to the city immediately.
3. It would not have much congestion
4. Quality of air and other amenities would be comparatively good.
5. Cost of living is less
6. Cost of land and construction of house would be less.
7. Peaceful and good for retirement life
8. Clean air and water

Disadvantages to prefer when buying a house in suburban areas:

1. Resale of the house will not appreciate much.
2. Rental income will be less if you choose to rent the house later
3. May travel bit more to facilities like good schools, colleges, hospital etc.
4. Transport connectivity and facilities my not  be good
5. Building a house as an investment will not work better in suburban areas

However, above mentioned disadvantages may turn as advantages due to the faster growth of suburbans in India. Thus, constructing a house for an investment may certainly work in suburbans for long term, but in the city the return would be immediate.

Also, one should ensure the availability of required facilities in the selected places. Consider the transport facilities for daily travel, how easy to commute to the work places, existence of required private and governmental organizations, availability of hospitals, education standards etc…

A Complete Checklist for New Home Buyers

1. Budget Assessment: Determine your affordability and set a realistic budget.
2. Mortgage Pre-Approval: Get pre-approved for a mortgage to understand your loan options.
3. Location Preferences: Decide between city living or suburban tranquility based on your lifestyle.
4. Commute Considerations: Evaluate commuting distances to work, school, and amenities.
5. Neighborhood Research: Research neighborhoods for safety, amenities, and community vibe.
6. Property Type: Decide between a house, condo, townhouse, or apartment based on your needs.
7. Property Size: Consider the size of the property, including bedrooms, bathrooms, and living spaces.
8. School Districts: Research local schools if you have children or plan to in the future.
9. Property Taxes: Understand property tax rates in different areas and their impact on your budget.
10. Homeowners Association (HOA): Determine if the property is part of an HOA and review their rules.
11. Property Condition: Inspect the property for any structural issues or necessary repairs.
12. Home Inspection: Hire a professional home inspector to assess the property's condition thoroughly.
13. Resale Value: Consider the potential resale value of the property in the future.
14. Real Estate Market Trends: Stay informed about local real estate market trends and forecasts.
15. Affordability Beyond Purchase: Factor in ongoing expenses like utilities, maintenance, and insurance.
16. Financing Options: Explore different financing options, including FHA, conventional, or VA loans.
17. Down Payment: Save for a down payment based on your loan requirements.
18. Closing Costs: Budget for closing costs, including loan origination fees, appraisal, and title insurance.
19. Home Insurance: Obtain quotes for homeowners insurance and factor it into your budget.
20. Property Appraisal: Schedule a property appraisal to ensure fair market value.
21. Negotiation Strategy: Develop a negotiation strategy for price, repairs, and contingencies.
22. Legal Considerations: Hire a real estate attorney to review contracts and ensure legality.
23. Home Warranty: Consider purchasing a home warranty for added protection against unexpected repairs.
24. Final Walkthrough: Conduct a final walkthrough before closing to ensure everything is in order.
25. Closing Day: Sign closing documents, finalize payments, and take possession of your new home.

This checklist covers key aspects to consider when buying a home, whether in a city or suburb, to ensure a smooth and informed decision-making process.

Now choice is yours..