LOCATION, LOCATION, LOCATION!
Location is
the most important factor when selecting a home. Selecting the right location
is essential for your overall quality of life. I am sure you have heard real
estate gurus say that the three most important features of any property are:
Location, Location, Location!
CONVENIENCE
When evaluating the convenience
of a location, think about your lifestyle. Convenience is a measure of how easy
you can get to the places you need and want to go.
Commute:
A long commute can affect your quality of life. Will you use
public transportation, car, bicycle, etc.? Which way does traffic flow? Don't
solely rely on school score cards. Look specifically for the features that are
important to your family.
TIP: Drive to and from work during the hours of your typical
commute BEFORE deciding on a location!
Schools:
Don't solely rely on school score cards. Look specifically for
the features that are important to your family.
- Is
a special needs program important?
- What
about athletic, music or art programs?
- Use
a website like niche.com to search for your specific needs.
Proximity to Family & Friends:
Consider how frequent you
visit now and the future needs for caregiving.
Character & Culture:
Look for character and
culture that fits your lifestyle and personality.
Amenities & Facilities:
Which amenities are important to you? Supermarkets, parks, gyms,
restaurants, hospitals, hobbies, religious facilities, or other frequent hot
spots.
SAFETY
There is no fool-proof method to ensuring neighborhood safety.
Do your research, trust your gut instinct, and look at the factors that
contribute to the safety of a community:
- Cost of Living
- Crime
- Employment
- Housing
- Schools
- Registered Sex Offenders
Find and attend neighborhood meetings, community events or other
hot spots. Don't be afraid to talk to potential neighbors, most are willing to
share information.
AFFORDABILITY
How do you determine community affordability? It's not enough to
be able to pay your principal and interest on your mortgage, you need to
consider property tax rates, homeowner association fees [HOA], and flood
insurance.
Property Taxes:
property
taxes can make up a large portion of your monthly housing expenses should be
considered when determining affordability. There is a Cuyahoga Property Tax
rate sheet included in the Appendix of this manual, for other areas, please
visit your local treasurer's site for tax rates. See the example calculation
below and how tax rates can make a big difference.
Homeowners Association Fees [HOA]: 
Keep in
mind that some developments and communities have HOA fees. Be sure to ask the
right questions.
- How much are the fees, how often are they paid?
- What do they cover?
The average range of HOA fees in Ohio is $100 to $700 per month.
Homeowner's Insurance:
It is important that you protect your home! There are things to
consider that will affect your insurance rates. The average homeowner's
insurance premium in Ohio is $1,111 per year, or $93 per month.
- If you are married, you will likely receive a marital
discount - insurance companies report married couples file less claims.
- Living near a fire department or fire hydrant can offer
additional savings on your insurance.
- Swimming pools, hot tubs, and trampolines will likely
cause your homeowners insurance to increase.
- Some breeds of dogs can make a hefty difference in what
you pay for insurance premiums.
- Your credit score affects your home insurance rates.
Flood Insurance:
If it is your dream to live within proximity to body of water,
you will want to determine if the area is in a flood zone and if flood
insurance will be required. The average cost for flood insurance in Ohio is
$1,116 per year, doubling your homeowner's insurance premiums.
You can learn more about flood zones and view flood maps at
FloodSmart.gov.
