Becoming A Homeowner

Posted on: 12 June 2018

When searching for a new home, you should always factor in the hidden community costs. Without those considerations, you can find yourself paying for more than you bargained for over time. Here are some of the hidden community costs to consider.

1. Commuting and Transportation

Will your potential new home place you closer or further away from the things you need? If you're going further away from your job, you'll have to consider how much extra it will cost to get back and forth to work.

You'll also have to consider other places you visit all the time. This can become a larger problem if you have to change your mode of transportation to accommodate your move. For example, consider if you rode a bike to work every day, but you now have to drive or take public transportation.

Do you have children that you pick up or drop off frequently? Your new location can add to all your commute and transportation costs. Conversely, if you find an area that lowers those costs, it adds more value to the property.

2. Shopping and Dining

Your move to a new location may make it impossible to routinely frequent the stores you're accustomed to. This also applies to places where you like to eat or do your general shopping.

If you don't want to go far out of your way after you move, try to find a location that offers something similar to what you're used to. For example, check if the location you want has any of the following close by:

• Community shopping options that fit your needs
• Community dining options that serve what you want
• Stores that sell the brands and goods you want or need
• Convenient locations that don't create undue hassle for you

Some of this ties into the aforementioned transportation considerations. A short walk or drive to a good store may appeal to you. Taking a longer trip back to the areas you're familiar with will cost you.

3. Hospitals and Healthcare

If you're moving further away from a hospital or healthcare facility, a medical emergency can become more painful. In addition, you may have insurance that isn't generally accepted in your new location. You'll find yourself taking long trips out of the area for a routine checkup or other care.

If you choose to use healthcare facilities closer to you, the out-of-pocket expenses can rise. Of course, the opposite of all this is also true. You can do yourself a lot of favors if you move to an area that has more or better healthcare choices available.

You can probably think of a few more hidden costs that can come with a move to a new location. Make sure you consider all the small or personal ramifications of your move, such as convenient community shopping options and access to familiar services, to make sure you're getting the most value from your new home.