The real cost of housing

With all the discussion of rising petrol prices, interest rates and cost of groceries, it's time to figure out the real cost of living in your neighbourhood. Modern urban design urges homeowners to consider not just the price of their home, but also the cost of living in that area.

Bus, train, bike:  You might be in love with a neighbourhood because it's cool or good-looking.  But if you have to spend too much time crossing town to get to work, ferry the kids to their sports or hobbies, or even hang out with friends and family, your house may be costing you too much.  Examine a neighbourhood for its ease of access to your work - that is, your daily cost of time, petrol and wear and tear on your car(s) - and factor in these costs when you set your house-buying budget.  A house within walking distance or close to public transport may allow you to ditch one car and use the money and time saved for a less stressful quality of life.

Nice neighbours:  Good neighbours provide a ready-made social scene for you (and better still, the kids - no more driving to play dates), a back up baby-sitting co-op, a tool-borrowing network, security and car-pooling groups.  If friends boast of a great street, make sure they keep you updated on properties becoming available close by.

Backyard factory:  Self-sufficiency may not be possible when you need to stick closer to town for your work and schools, but when you're house hunting, check whether a property has potential for some backyard growing. Check over the neighbours' fences - does the soil look promising? Do they have flourishing fruit trees? Is there room even to fit a chook house for organic home-raised eggs and meat?

Friendly amenities:  Check out the streets around your prospective house - can the kids walk to school? Is there a dairy, a cafe or greengrocer, even a cluster of shops within walking distance? Are there friendly signs in the shop windows for coffee groups or babysitting or gardening services? Is there a library or pool or parks for the kids? A hall or local school that runs evening classes? More established neighbourhoods still have these facilities; in far-flung suburbs you might have to look harder.

By Herald Homes

www.iwantahome.co.nz

Posted: 22 Oct 2008

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