Over the past couple of years, one of the most defining workplace trends has been the geographical untethering of work from home. For all of human civilization, it was necessary to live as close as possible to the places where we worked every day. This simple fact is behind the rise of most major cities in history, and it is the reason house prices are so closely tied to location.
After remote working took over the world in 2020, people were quick to say that these links are broken forever, since anyone working for a company in, say, New York, could do so remotely from Boston, Barcelona, or Beijing.
However, things are changing fast. Around the world, workers are heading back into the office, albeit with more flexible arrangements than in the past. This means that those looking to buy a home must once again factor in the distance of that home from the office. If you want to own a home within a reasonable commuting distance without breaking the bank, here are some of our choice tips.
Transport links are everything
If you want to live close to your city-center office without shelling out eye-watering sums, you need to pull out your transport map. You can save huge amounts on a house by choosing somewhere further out that still has good rail, road, and bus links to your workplace.
If you put in some serious research, you will find somewhere that offers a reasonable balance between lower house prices and reasonable commute times. Play the long game and look at areas with upcoming transport links that might not have opened yet, as you might nab a bargain. Remember, the best person to ask about this is usually your realtor.
Slash mortgage costs
If you want to save money on a property in a prime location, start with your mortgage costs. Interest rates are high, which makes servicing your mortgage more expensive. However, you can take some aggressive measures to slash your mortgage costs to the lowest possible level.
For example, you can use the free Mortgage in Principle service from Trussle, which automatically checks your credit score to assess how much you can borrow for the lowest possible rates. Taking steps like this can help you lock in a cheaper mortgage now and save thousands over the long term.
Get creative with your search
If you want to find a holy grail home that offers central living and reasonable commutes, you need to approach your search with an open mind and an open heart. If these are your top criteria, the right home might not look like the home you are imagining in your head. Instead of a single-family home, the right property for you might be a high-rise apartment.
Instead of a spacious two-bedroom, you might have to compromise with a studio. Consider carefully how important location and commutes are for you, and whether you are willing to compromise on other features for these. If so, you will likely find a greater variety of properties within reach than you might have thought possible.
House pricing is rising, especially in those dense areas where so many of us work. Follow these tips to help find a conveniently located home for less.
