Find the Right Neighborhood for You

Just as important as finding the right house, so is finding the right neighborhood for your family.  Think about it - what good does it do to finally find your dream home when it is in a bad or undesirable neighborhood?

Here are a few things to consider when choosing a neighborhood:

1)     School yourself.

For families with school-age children, the schools are one of the most important considerations when selecting a neighborhood.  Visit the local Board of Education and find out where your children would be attending.  Then check out the actual schools themselves.  Do they look new and modern, or old and rundown?  What is the teacher-to-pupil ratio?  Where does the school rank when compared to other schools of the same size?  All this information and more is readily available online and at the Board of Education.

2)     Take a bite out of crime.

Check with the local police department for the crime statistics in the neighborhood.  (This information is also readily available online.)  What types of crimes are most prevalent?  Are burglaries and robberies common?  Also, check several past issues of the local newspaper’s “police beat” page.  (Again, readily available online.)  How many times were the police called to a home or business in the last week, month and year in the neighborhood?  And why were they called?

3)     Activities and hobbies.

What are you favorite activities and hobbies?  Make a list, then drive around and check the distance and convenience of them.  Where are the bowling alleys, movie theatres, churches, gyms, and shopping malls?  How far will you have to travel each way to keep up with your hobbies and activities?  This is an important consideration.

4)     Consider the economy.

Not just of the country or province, but in the neighborhood.  Are stores and shops thriving?  Are the local businesses prosperous?  Are the parking lots full during the day?  These are all tell-tale signs. Check with the local city economic development office to see if income and property values in a neighborhood have been rising, falling or stable over the past few years.  Also, what is the ratio of houses to apartment buildings?  Apartment buildings do not necessarily decrease a neighborhood’s value, but they can be indicative of transitory residents. Also, check for vacant or boarded up businesses or homes.

Avoid neighborhoods in economic decline, as this will negatively affect your home’s value.

5)     Think about selling the home before you buy it.

By this, I mean look 5-10 years down the road after purchasing the home.  Will it hold its value, or be worth less than what you paid?  Of course, there is no surefire way to know this now, but you can do some research and take an educated guess.  Speak with your real estate agent or contact a real estate trade association about price trends in the neighborhood.  Find out how many homes are for sale, are vacant and have been newly purchased.  On average, how long have the homes for sale been on the market?  How quickly did the newly sold homes take to sell? Finding this information can be a key indicator as to how well your home will keep – or increase – its value.

Keep in mind the old adage of the real estate business:  “The three most important considerations when buying a home are location, location and location.”  Following these tips will help you ensure that you pick the right neighborhood as well as the right home.