Choosing Where You Want to Live

One of the most important tasks in a successful home-building project is choosing the geographic area where you want your new home to be built. In this context, "geographic area" means the general vicinity where you will be living. The idea is to choose the county, the city and maybe the subdivision where your new home will be located before you choose a specific building site. If you don't investigate the area thoroughly before you decide to build, disappointment may be the result.

Investigating an area takes time and effort. Here are 10 factors you may wish to consider:

Price
The area typically should have homes priced within your budget. It's unrealistic to try to build a moderately priced home in a luxury-home area and it's equally unwise to try to build an expensive home in an area of lower-priced homes. Eventually, you will want to sell your home, and it's generally easier to sell a home that is consistent in value with other homes in the neighborhood.

Economic potential
Some areas are growing quickly, others have stable growth, and still others are in a period of decline. Choosing an area that's experiencing an economic decline may prove unwise. A hot area can offer quicker appreciation in home values and a wider choice of subdivisions and home-building sites, but fast-growing areas tend to suffer from growing pains. Infrastructure, schools and public services might not be adequate to meet the demand from new residents. Traffic and commercial development tend to be more hectic in growing communities as well. Stable communities offer slower home value appreciation, but are more likely to have infrastructure, schools and public services in place.

Commuting time
Home buyers tend to visit various areas during off-hours or on weekends when the traffic is light and the driving time from home to work seems reasonable. If you are considering an area remote from your place of employment, practice the commute during the hours when you'll normally be driving to make sure the commitment is acceptable to you. You might also want to consider the location of grocery stores and other types of shops that you frequent. A beautiful subdivision in the country can lose some of its luster when you realize the nearest store is 10 miles away.

Property taxes and assessments
Take a realistic look at the real estate taxes you can expect to pay in the area. A little extra research probably will uncover any planned special assessments or tax increases. Fast-growing areas tend to need funds to pay for new infrastructure, schools and public services.

Schools
The quality of the public schools in an area is among the most important considerations for families with children. But people who don't have school-aged children also usually should consider the quality of the local schools because that factor will affect every home's resale value. You may also wish to consider the area's proximity to the religious services you attend.

Law enforcement and fire-fighting services
Don't overlook the availability of police and fire protection services in an area, particularly if you're considering a rural community. Making sure these services are available and of high quality is important not only for your health and safety, but also because the lack of such services can significantly increase your homeowner's insurance premiums.

Physicians and medical facilities
Will you be able to find a suitable family doctor near your new home? If you have pre-existing medical conditions, are necessary specialists practicing in the area or within a reasonable driving distance for you? Does the area have a hospital and emergency room services? Even if you don't have an immediate need for medical services, their availability can prove life-altering in the event of a medical emergency or serious illness.

Parks and recreational facilities
A good parks and recreation program can enhance your family's life and make living in an area more enjoyable. These public services also can affect the resale value of your new home. Find out whether youth sports programs, community events and ample parks exist in the area.

Utilities
Be sure to investigate the availability of utility hookups before you decide to build a home in a particular area. Will public water and sewer hookups be available? Will your new home require a septic system? Confirm the availability of natural gas, telephone and cable television services. Ask about the fee for initiating each service and typical monthly bills.

Quality of life
Research any other situations that could detract from or add to the quality of your life in the area. Are plans in place for a new international airport? Will your home be uncomfortably close to train tracks or heavily trafficked highways? Is there a sewage treatment plant or landfill in the area?

Finally, if you want to live in a subdivision where the for-sale lots are owned by one builder, you may be forced to hire that builder to construct your home. If that's the case, you'll need to take the builder's reputation into account when you decide whether you want to live in that subdivision. You may be able to buy an individual undeveloped site within the subdivision from the developer, the builder or a private party, but make sure you know the ground rules before you set your heart on a particular subdivision.

Keep in mind that your new home will be more than "sticks and bricks" on a lot. You and your family will join an existing community and your enjoyment of your new home will depend largely on whether you choose your new community wisely.