First Time Homebuyer? Before Buying - Decide! Location vs Space!

FIRST TIME HOMEBUYER?   BEFORE BUYING – DECIDE!  LOCATION VS. SPACE!

As a Realtor who specializes in first time homebuyers in Richmond VA, many are excited about buying their first home – yet at the same time, it is a little scary!  Especially, after the recent downturn we saw in the real estate market, they are concerned that they make the right decision – they realize that once they have bought a house, it isn’t like living in an apartment, where you can give a 2 month notice and move!  And, on top of that, they have many friends and family who are giving them lots of advice!  And, then they are on the internet, researching everything they can about buying  a house!

So, a lot of times, when I sit down with my first time homebuyers, one of the first questions I will find out is:  where do you want to live?  What is most important to you?

The great thing about the Richmond VA real estate market is that there are very few places that are “bad” choices!  But what it really boils down to is – what kind of location do you want?  And what kind of compromise are you willing to make to get that location!

It really is a pretty simple choice, but one that as a homebuyer you really need to think about!

For instance, if you want to be in an urban location in the City of Richmond, there are lots and lots of choices – you can look in the Fan or Church Hill or the Museum area, the near West End!  You can go to the northside and look in neighborhoods like Bellevue and Ginter Park or even the up and coming neighborhoods like Barton Heights!  If you want to go to the southside, you can go to Westover Hills or Woodland Heights or Stratford Hills!

All of these areas are great areas for many first time homebuyers – close to restaurants and bars, in some cases even within walking distance!  There is a certain vibe that you just don’t get in the more suburban neighborhoods  in the counties!  And these neighborhoods have lots of character – many neighborhoods were developed in the late 1800’s to early to mid 1900’s!  So for many home buyers, this is where they want to be!  But if you decide that this is the location for you, there are probably going to be compromises you will have to make:

• Most of the houses will be smaller than you can get in the more suburban areas!
• And with smaller homes, you may not get a walk in closet, or even a large closet in the bedrooms, which will also probably be much smaller than in the newer homes!
• With older homes, comes costlier repairs – that slate roof that you love may cost a whole lot more to repair than the composition shingle roof on a newer home!
• With older homes, things like windows and insulation may be older – and less energy efficient, which may mean higher utility bills!
• And, of course, many of these homes may not have central air, which means relying on ceiling fans and window a/c units!
• With older homes, your yard space may be very tiny!
• And garages may be non-existent!

But, if you want an urban location in the city of Richmond, and location is more important than the larger space you get with the newer homes in the suburbs, then know this before you purchase a home!

After all, you don’t want to be paying your monthly mortgage and regretting that you didn’t get the house you wanted in the location you wanted!

If you are thinking of buying a home, and have questions, please feel free to get in touch with me!  I work with many first time homebuyers and would be happy to help!