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For most of us, owning our own home is a life-long dream. It brings with it pride of ownership, security and the feeling of control over which improvements are made and how much they cost. There's also the chance your home will increase in value, making it a sound financial as well as a lifestyle investment.

Location - Style - Cost
When buying a home, you have to consider three important factors - your future home's location, style and cost. For example, your goal may be to buy an independent house within city limits for Rs.10,00,00. But you may not be able to locate an independent house within urban limits for your budget and may have to settle down for a flat. You may need to look in the suburbs for the price and style you want.

Location, Location, Location
Your choice of location depends primarily on where you work and whether you want to commute, and also on your family lifestyle. 

Do you want to live near your work area? How close are your children's schools? Is public transportation available?

Location is an investment too
Urban living usually offers the largest range of home styles and often is closer to amenities such as restaurants and theatres. On the other hand, you may get more for your money in the suburbs.  

Suburban homes often have larger lots and larger square footage than urban homes in the same price range. 

While suburban homes can have the advantage of being newer, amenities like shopping or playgrounds may not be available yet in a new area.  

If you're considering moving to an unfamiliar neighborhood, take time to drive or walk around it, both during the day and in the evening. Make some notes. It's also a good idea to travel the route to and from your work.  

There are many other factors you should consider when choosing the location of your home. For example, have property values risen or fallen in the particular locality?  

Future development can also affect property values and property taxes, so you'll want to consider whether there are any major developments planned.  

To do this, contact the local municipal office regarding planning and bylaws. Is a high-rise office tower going in next to your home? A new highway? Regional bylaws on zones may also affect your own plans, such as conducting a business from your home.

Some real estate representatives suggest that, if you're considering the future resale value of your home, it's wiser to buy a modest home in the best neighbourhood you can afford than the most expensive home in a modest neighbourhood.  

When considering your move, you may want to identify neighbourhood features that benefit you and the environment. 

2.5 km? 5 km? 7.5 km? 10 km?