Tips & AdviceWhere Should I Live? Questions to Consider for a New Neighborhood

Where Should I Live? Questions to Consider for a New Neighborhood

Homebuyers typically don’t toss a dart at a map if they’re wondering where to live. Most homebuyers would agree that location is one of the key components of any real estate search. Most of us have a purpose for choosing the area where we begin a new home search. Researching a neighborhood in advance can help you find a place to live that fits your lifestyle, personality, and budget.

Before you buy in a particular neighborhood, ask yourself the following questions:

1. What’s Close By?

A long work commute can dull your excitement about a new home. Before you submit an offer, take a test drive to work from the neighborhood. Find out where your kids would go to school and where you might shop for groceries. What about parks to walk your dog?

Remember, not every neighborhood will have everything you need. Decide what you can accept as far as tradeoffs. If you can handle a longer commute to work, make sure you’ve found a location close to other places you frequently visit, like hiking trails, restaurants, or a library. Traveling far to stores, schools, and public transportation that you rely on every day can get old quickly.

2. Is the Neighborhood Safe?

Go beyond an online property search and explore the neighborhood to measure your personal comfort level. Research crime statistics and local news stories to understand the consistent issues that impact the area. If you already know residents, speak with them about their experience.

A busy street with constant traffic may feel less safe when you want your kids to have space to play outside. On the other hand, a more remote property without emergency services close by could cause you to think twice about living in a more rural area. Identify what makes you feel safe and do your research to ensure you don’t end up living in a neighborhood where you do not feel comfortable.

3. Is the Neighborhood Family-friendly?

If you have children or plan to have children in the near future, you’ll likely consider if the area is family-friendly. When moving your kids to a new school district, you may want to make sure the neighborhood itself has kids so they can easily make friends and grow comfortable with the area.

Drive through the neighborhood and look for the obvious signs of children like swing sets in the backyards, basketball nets on the driveways, and a crowd at the corner waiting for the school bus. Some smaller streets may have “Children at Play” signs as well. If the neighborhood is within walking distance of a school, there are likely more kids in the area.

In addition to searching for other families, check for parks and playgrounds, recreational sports facilities, and summer camps. With a few friends to play with, kids will love their new home as much as their parents.

4. What’s the Noise Level?

If you love the energy of a bustling city neighborhood, then noise might not bother you. But other kinds of noise could affect your decision to buy a home. Construction, a nearby train, or an airport in the vicinity can all cause unwanted noise. If you can’t tolerate the sound of hammers and drills or an hourly train whistle, figure out what’s close by before signing a purchase agreement. You can search websites like New York City’s Construction in My Neighborhood online for information about construction or road projects.

In addition to noise considerations, you should engage your other senses when finding a place to live. Drive around and check the nearby sights and smells. Something that could easily fade into the background of your mind could possibly bother other homebuyers and turn into a negative factor when you try to sell the home in the future.

5. How Much Will It Cost to Live Here?

In addition to the high upfront costs of buying a home, consider the ongoing homeownership expenses that differ between neighborhoods. Some budgeting items to keep in mind include the following:

Homeowner’s Insurance

The price for homeowner’s insurance may vary based on neighborhood safety, the age of the homes, and even the risk related to severe weather events. Is the home you fell in love with located in a flood zone? Not only will you need to deal with that particular risk, but you’ll need to purchase extra flood coverage along with your homeowner’s insurance.

HOA Fees

Homeowner’s association (HOA) fees vary significantly between neighborhoods. Some associations cover only the maintenance fee for small common areas, while others manage the costs of trash removal, landscaping, and possibly the upkeep of the exterior of your home. Before you move, ask your real estate agent to find out how much the neighborhood’s HOA charges and what the fees cover. Do new owners pay a large sum as a capital contribution to the association? Have you added this amount to your projected closing costs?

Taxes

Call your local tax collected and ask for an estimate of your property taxes. If you’re moving into a city neighborhood, will you need to pay additional taxes or fees, such as the flip tax?

6. How Does the Neighborhood Affect My Future Home Value?

In a neighborhood with high demand and fewer homes for sale, chances are you won’t have a problem with a future resale. But if the market drops and you need to move, you don’t want to take an unnecessary loss on your home. Spend time looking at the local real estate market and the neighborhood itself. Do properties sell quickly? Have home values risen over time or stayed flat? Is the area viewed as “up and coming” or a popular neighborhood?

Your home is likely your largest asset, and you should consider how future buyers will consider the area. If you’re interested in the location for several reasons, such as its proximity to a city, family-friendliness, and revitalized downtown area, chances are future buyers will also find the location appealing.

Conclusion

Ultimately, your personal preferences may play a prominent role in deciding where to live. Before you buy, spend a day or two checking out the neighborhood you might want to call home. Every location will have pros and cons, but deciding which area best meets your current and future needs is up to you.

You May Also Like

A Generational Wealth Gap: Is Housing Affordable for Young People in Your City?

As home prices continue to rise, young people have felt the American dream of homeownership quickly slipping away. However, as millennials and Gen Zers...

RealtyHop Housing Affordability Index: March 2024

In this March edition of the RealtyHop Housing Affordability Index, we examine what American households across the 100 largest cities need to spend on...

Best Cities for Women in Tech

The tech industry boasts impressive salaries and comfortable working conditions for its employees. However, women in this high-paying sector still earn less than men,...