Buying a House: A Financial and Emotional Assessment

After who to marry, where to live is one of the most important decisions of our lives. We are where we live. Richard Flora, the author of the book Who Is Your City? states "The place we choose to live is the single most important decision we make. It has a profound impact on the jobs we have access to, our career path, our social network, lifestyle choice and, ultimately, the wealth we accumulate, as well as our overall happiness".
Of course, affordability is one important factor to make the decision of where to live. However, affordability should be considered just one element. Following are some of the key things we must be mindful of:

Cost of Commuting to work
In most cases, it is cheaper to buy the house far away from the work. However, it is critical to compare the costs of time, money, long driving or unable to spend more time with the family. You can calculate the cost of commuting to work by going on to Commuterpage.com. Enter the simple information like daily roundtrip distance, cost of fuel and it will calculate the cost of commuting to work.

Cost of Utilities, Tax and Insurance.
Never overlook the cost of utilities, local taxes and insurance. The mortgage of the house could be very low but if you add the cost of utilities, taxes and insurance, it might not be very affordable and realistic. Tax rates on real property and other assessment varies by the city.

Zone Protected.
Is the place where you live are zone protected or any industrial or commercial properties can be built there? It is worthwhile to research this before moving in and your comfort level in living an area which is not zone protected. Some cities attempt to attract certain industries, factories, or plants as source of nonresidential tax income.

School District
Living in a place close to a good School district is probably one of the most important factors everyone should consider. A good school improves the performance of both students and teachers along with a positive attitude towards learning. Good public schools coexist with high real property taxes

Entertainment Value
If the place you live offers different opportunities of entertainment close by, your cost of commuting will be lower. Look for the place to live where libraries, theaters, concerts, shopping malls, parks and recreational services are not very far.

Conclusion:
Buying a house is both a financial and emotional assessment. There are several things to consider beside affordability. These include but not limited to cost of commuting, utilities, tax, the quality of school districts and the proximity of entertainment value.