If you are planning to get a place you can call home and settle down, you may consider various real estate listings in the city and the surrounding suburbs. Where you choose to live will shape your lifestyle and identity, thus it’s necessary to think it through. Many people are addicted to the city life, whereas others relish the suburban dream. It all comes down to what kind of life you want to pursue and which place offers greater convenience. If you are torn between the city and the suburbs, you came to the right place.
Contemplating on the following aspects will help you realize the ideal location for buying a house you can call home:
1. Housing Costs and Space
Purchase of real estate is a big commitment, since you are obligated to pay mortgage installments for several years to come. Your savings and monthly income will determine the suitable budget for buying a house. Do you earn enough to afford your day-to-day life expenses along with the mortgage? If your disposable income is limited and you possess less than 20% of the house’s value for down payment, you should probably postpone this investment. If money is not the issue, it is advised to work with a real estate attorney to guarantee a safe and profitable investment.
The decision also depends upon what you hope to get out of the money you spend. Generally speaking, the price of meter per square of living space is much higher in the city, as compared to the suburbs. A high-rise apartment or compact condo in the city is going to cost a lot more than a single family home in the suburbs. If you want more space for less money, a suburban home would be the better fit. The spacious rooms and backyard space is quite useful for raising kids and pets. However, real estate insurance and maintenance costs are typically greater for a big and independent house in the suburbs.
2. Transportation
The best part of living in the city is the cheap and efficient public transport. The network of public transport is dense, which makes it easily available, affordable, and accessible to everyone. You don’t need to own a vehicle because there’s always a train or bus that will take you to your destination much faster (for a tiny fraction of the cost of driving your own car).
Owning a car is crucial if you decide to live in the suburbs because public transport is pretty much non-existent in these areas; even rideshare vehicles are scarce. Moreover, the distances between residential and marketplaces are too long to be covered on foot. If you are going to travel to and fro for work in the city 5-6 days a week, you will be spending quite a lot on auto fuel and maintenance.
3. The Scope of Opportunities
The city is always hustling and bustling with opportunities for business and employment. Almost everything you need is at walking distance if you buy a house in the heart of the city. You can find a place nearest to your workplace and never face a shortage of places to eat, shop, and unwind. If you are a startup entrepreneur, the city will provide maximum exposure to your business, given the high population density. The suburbs are somewhat detached and secluded in comparison. They are fine for running a small localized business, but job opportunities are limited. The calmer suburbs provide the perfect environment for freelancers and people who work from home.
4. Recreational Facilities
Buying a house in the city has many perks, including an exciting nightlife, variety of cuisines/places to eat, extravagant malls, and unlimited recreation facilities. The city never sleeps, so you can go out or order from a restaurant any time of the day. The suburbs are quieter and tamer, which is excellent if you go by the early to bed and early to rise motto. If most of your shopping is online, you like staying in, and enjoy home cooked meals, the suburbs are the ideal habitat for you.
5. Privacy and Safety
The suburbs provide maximum privacy and safety, which is why they are great for families. The crime rate in cities is a lot higher and privacy is limited for obvious reasons. Cities are at least 3 times more populated than surrounding suburbs and accommodate a broader division of classes. Most of the time, you will hear your neighbors through the thin walls of your cramped apartment and vice versa.
6. Overall Cost of Living
On average, city dwellers spend $10,000 more than suburb dwellers per year. The primary reason is higher housing costs and an expensive lifestyle. The city has a lot to offer in terms of recreation and entertainment, though it comes at a cost.
7. Cultural Diversity
Cities are the hub for international business persons, tourists, immigrants, and offshore workers. Suburbs are typically dominated by locals of the same race or culture, which can be a problem for anyone who considers themselves as a minority. A large percentage of city dwellers are biracial and they are progressively broadminded. Living in the city is more favorable for people of color, LGBTQ community, or those having unique beliefs/religion.
8. Sense of Community
The city life is fast, so it is not uncommon to never learn the name of your next door neighbor of ten years. The majority of city dwellers are working and independent individuals who don’t have time for formalities. If you prefer to live in a place where you know everyone in the neighborhood and get invited to house parties all the time, you shall adore the suburban life. You can throw luxurious birthday bashes, arrange play dates for kids, become part of some local club/influential group, and so on.
Author Bio
John Adams is a paralegal who writes about widespread legal and social issues. He helps readers overcome challenges and solve many personal problems the smart way, rather than the hard way. He aims to reach out to individuals who are unaware of their legal rights, and make the world a better place.