City Living vs. Home Buying: What’s More Important?
Trying to get on the property ladder?
Sometimes, this involves a few compromises here and there. One of the main ones is location. If you want to buy a home, you might have to be less picky!
So, it’s time to weigh things up. Deciding what your priorities are now will save you wasting your time and energy in the future.
City living vs. home buying – what’s more important to you? Let’s delve a little deeper into the factors you need to consider…
Why is this a choice?
First things first – let’s start by addressing the reasons why many have to decide between the city and being a homeowner.
Affordability
The main one is that plenty of first time buyers simply can’t afford city living, especially if buying a house alone. Even if they’ve spent a long time planning and saving for a deposit, house prices in the most popular urban areas are out of reach for many.
There are some government property schemes in place to help first time buyers. Shared ownership, for example, applies to anyone earning over £90,000 in London, £10k more than outside of it.
However, sometimes, this simply isn’t enough.
Greater choice of properties
Venturing outside of the city can find more variation when it comes to properties. This can be in size, for example.
For many, this is highly appealing. But, is it enough to give up all the other aspects of city living?
Deciding which option is right for you
To help you decide between living in the city and buying a home elsewhere, you need to weigh up a number of different factors.
It’s impossible to say what the best option is – as this depends on your individual situation.
Don’t make this decision lightly – you need to make sure you’ve thought things through.
Long-term plan
What’s your long-term plan?
This is a key factor in deciding whether to trade city living for buying a house.
How long do you plan to stay in the property? Are you looking to start a family soon? Or, is this going to be temporary?
Those looking to settle down and lay their roots in a new area might prefer to move outside of the city.
Is now the time?
Are you sure now is the right time to buy? Consider all the different areas of your lifestyle. This could be anything from financial situation to relationships.
Don’t buy just for the sake of it – ensure this is a good decision for you and where you are.
For example, you could feel pressured into the buying because others around you have done so. But, this isn’t a reason for buying a house.
Getting on the property ladder is one of the biggest steps any of us will ever take! One of the most common first time buyer mistakes is rushing the decision – and regretting it later on down the line.
So, ensure you’ve asked yourself, is now the time to buy?
Up and coming areas
Many hopeful homeowners won’t even entertain the idea of moving out of the city, without giving it proper thought.
Try to look at the bigger picture!
An area just outside of your ideal city location will likely be up and coming soon too. Particularly if you plan to stay in your first home for a while, this is an important consideration.
Impact on your life
Is city living integral to your lifestyle? Consider your flexibility.
Look at factors such as:
- Commuting to work
- Whether you have friends and family nearby
- What this potential new area has to offer
The Final Say
There’s no way to declare a winner in the battle between city living and home buying. This depends entirely on your situation.
However, if you’re unwilling to compromise when it comes to location, it’s probably unwise to give up city living just yet. On the other hand, if you’re keen to take that first step to get you on the property ladder, compromising can be the way to help you get there.
Research Your Area Thoroughly
Decided now’s the time to buy? Willing to move further out of the city?
Ensure you do your research. When moving to a new area, this is the most important thing you can do.
You’ll want information on everything, from crime rates to nearby planning applications. The more you know, the better. After all, you can change many aspects of a house, but not its location!
A property report can tell you everything you need to know, gathering location-specific details for you. Get yours below.
Last Updated: September 22nd, 2024
