OK, we’re house hunting and cruising around with a real estate agent, checking our potential home locations, the time is tight….So, which factors come into play when we assess the “go , no-go”? How many times will you go back to that house?…who else is bidding on it? What can we do with it? What are our options?
Hopefully you’ve already done the basic due diligence: schools, commute length, proximity to Whole foods, friends and family, whatever those major factors that have helped narrow down a target area. The final answer is based on other influences which include:
- Housing supply
- Land features (wetlands? restrictive covenants? view corridors?)
- Exact Location/Neighborhood
- Reconnaissance from uninterested parties
- Accessibility to transportation modes
- Is parking sufficient?
- Entertainment/hosting patterns.
- Work from home.
- Extended family/aging parents/post college return kids
- Budget, not just the asking price…what about improvments and maintenance https://seconarchitect.com/thumbnail-construction-budgeting/
- Usability of the space in its new vs present configuration
- Long vs short space usage
- Maintenance requirements
- Regulations (i.e. do zoning regulations allow you do what you are intending to do)
- Gut instinct and advice from neutral sources who you respect
Many customers rely too heavily on the cost paradigm and fail to look ahead as to the use and future planning of the neighborhood. Will they possibly be expanding? What is the length of their ownership or lease? There is no substitute for legwork and due diligence.
So do the analysis, take a deep breath and try to imagine where you want to be in 5 years. Good luck. If you’re a little unsure and want to run it by us, please feel free to call and discuss your specific situation 914 674 2950.