Researching different cities to live in is one of the most exciting, yet stressful endeavors of the home buying process. For some individuals and families, the decision of which city to live in is an easy one. Perhaps they are from and have family in a certain city, or they simply need to live in a given place because of their job. However, for those looking for a new opportunity, or a new adventure to embark on, selecting a city can be a complex decision.
For the majority of people, there are many factors and variables that go into the decision making process, the most obvious of which is your budget. A similarly built and sized house in your current location may be significantly more or less expensive than one in the city you are researching. Additionally, the overall cost of living, based on a myriad of expenses will vary from city. Make sure you can comfortably afford your monthly expenses, mortgage payments or rent before re-locating. It will prevent a ton of headaches, and drastically reduce your stress levels.
Next, and this one goes hand and hand with number one, you should thoroughly research the job prospects of the city you are interested in, assuming you don’t already have a job lined up. Things to look at would include the city’s unemployment rate, the number of businesses in the area that are part of your chosen field, and of course, you should scour all of the online resources available to look at current job openings.
Another important factor to look at would be the conditions of the local real estate market. If you are buying a house in what is quickly becoming known as a “ghost town,” then you will likely be dissatisfied with the outcome of your purchase. Ideally, you want to purchase a home in an area that is thriving. Doing so could lead to a nice profit down the road, if or when you choose to resell, assuming you stay on top of the upkeep of the home.
Other important factors to consider are family ramifications. If you currently have, or if you are planning to have children, then it is essential to scout out the school system, community activities and the different levels of healthcare in the city. Additionally, your own preferences should come into play. For example, if you love to ski, snowboard or ice skate, would it make much since to live in a tropical climate?
The city of Edmonton has been making news lately for being a city people have flocked to, thanks to a steady economy, low unemployment rates and housing that is affordable and conveniently located. It is certainly a good time to invest in real estate in Edmonton.
Post by Alexis Hlady
