The decision to invest in a home is a big one. To top it off, many home buyers are faced with the difficult decision of where to buy a home. Do you want to live in the city, closer to entertainment and employment options, or do you want a more rural home in the quiet countryside where you can get more space? In this article, we will be discussing the pros and cons of each decision.
Generally, real estate is considered a better investment when it’s in a big city. These properties tend to hold their prices better and be more in-demand. However, there are also great reasons for investing in a rural home as well. Let’s discuss the benefits and drawbacks of both:
Benefits of Rural Real Estate:
Less Costly: Rural homes generally cost less than their city counterparts. This is in part due to inherited homes being sold at a low cost, and partly due to their distance from the city. This distance creates a need for the residents to commute to school, work or entertainment, so the price of the home becomes more attractive to make up for the decreased accessibility.
Larger Properties: Due to the decreased cost and increased land-space. Homeowners can often buy much bigger homes which include larger yards than what would be available in the city. In many big cities, the cost of a large multi-family home is the same as a smaller apartment, making rural living an attractive option.
Benefits of City Real Estate:
Accessibility: Real estate in the city is often more accessible to just about anything you want. If you want to go shopping at hip boutiques, check out the theater, or simply enjoy a shorter commute time, a home in the city may be more attractive than the countryside.
Less reliance on vehicles: Larger cities generally have a myriad of public transportation options for their residents. This makes city dwellers less reliant on cars because they can get anywhere within the city affordably and quickly using a network of buses and trains. This also cuts down on the costs of car ownership, which can add up. This can be especially pricey in the city as parking is a scarce commodity with higher costs.
Weighing the pros and cons:
In the end, both can be attractive options and really depend on your long-term goals, where you are in your life and career, and your general lifestyle preferences. City real estate tends to appreciate quicker and hold its value better than rural real estate, but as the city becomes more and denser, rural homes can gain in value due to their size and the land available.
In the end, consider your options carefully before making your decision. We wish you luck!