There is an age-old debate about whether you should choose a home in a great neighborhood when you buy a house, or whether you should prioritize a nicer property. When you can't afford to do both, the ranking of each option matters much more. Here are some of the most common points in the debate between these two choices.
Choosing a Nicer Property
Choosing to buy a house that you truly love, with lots of space and beautiful interiors, is important to people who tend to spend a lot of time at home. Frequent entertainers may also put a house with lots of cool features above a property that's centrally located. And being able to have more yard space in a less-coveted neighborhood may speak to you too.
When your focus is home, it may not matter as much that you have to travel further to the center of it all. If you would be blowing your budget for a much smaller and lower quality property in the hottest neighborhood, you might not feel as comfortable and relaxed as if you have chosen a property that has everything you need.
Choosing a Nicer Neighborhood
On the other side of the debate, there is no reason why you can't make the property nicer as you move upwards in income. Starting with a house that needs some work, you could make gradual improvements each year. One year, you might fully redo the exterior of the home and make it unrecognizable to those who had seen it before. Another year, you could save up and add a hot tub. This is almost a better proposition if you want to make the home completely your own.
Instead of paying a large sum for someone else's design choices, you buy a cheaper space and gradually upgrade it in your own style. For many people, this option is worth it for the shorter commute times and ability to access other spaces within the town as they slowly make the property better.
There isn't exactly a right answer for people who are having this debate; opinions fall on both sides of the spectrum. There is, of course, a middle ground where you could choose a slightly unappealing neighborhood with a modest upgrade in space and style. Or vice versa. Speaking with a real estate agent and checking out house listings will help you uncover all of the shades of possibility for your upcoming home purchase.