Homebuyers typically don\u2019t toss a dart at a map if they\u2019re 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. <\/p>\n
Before you buy in a particular neighborhood, ask yourself the following questions:<\/p>\n
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<\/a> and where you might shop for groceries. What about parks to walk your dog<\/a>?<\/p>\n 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\u2019ve 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.<\/p>\n Go beyond an online property search<\/a> 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.<\/p>\n 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\u2019t end up living in a neighborhood where you do not feel comfortable.<\/p>\n If you have children or plan to have children in the near future, you\u2019ll likely consider if the area is family-friendly<\/a>. 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. <\/p>\n 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 \u201cChildren at Play\u201d signs as well. If the neighborhood is within walking distance of a school, there are likely more kids in the area. <\/p>\n 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.<\/p>\n 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\u2019t tolerate the sound of hammers and drills or an hourly train whistle, figure out what\u2019s close by before signing a purchase agreement. You can search websites like New York City\u2019s<\/a> Construction in My Neighborhood online for information about construction or road projects<\/a>. <\/p>\n 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.<\/p>\n In addition to the high upfront costs of buying a home, consider the ongoing homeownership expenses<\/a> that differ between neighborhoods. Some budgeting items to keep in mind include the following:<\/p>\n The price for homeowner’s insurance<\/a> 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<\/a>? Not only will you need to deal with that particular risk, but you\u2019ll need to purchase extra flood coverage along with your homeowner’s insurance.<\/p>\n Homeowner’s association (HOA<\/a>) 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\u2019s 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?<\/p>\n Call your local tax collected and ask for an estimate of your property taxes<\/a>. If you\u2019re moving into a city neighborhood, will you need to pay additional taxes or fees, such as the flip tax<\/a>?<\/p>\n In a neighborhood with high demand and fewer homes for sale, chances are you won\u2019t have a problem with a future resale. But if the market drops and you need to move, you don\u2019t 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 \u201cup and coming\u201d or a popular neighborhood? <\/p>\n Your home is likely your largest asset, and you should consider how future buyers will consider the area. If you\u2019re 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. <\/p>\n 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. <\/p>\n","protected":false},"excerpt":{"rendered":" Homebuyers typically don\u2019t toss a dart at a map if they\u2019re 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 […]<\/p>\n","protected":false},"author":27,"featured_media":10318,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n2. Is the Neighborhood Safe?<\/h2>\n
3. Is the Neighborhood Family-friendly? <\/h2>\n
\n
4. What\u2019s the Noise Level?<\/h2>\n
5. How Much Will It Cost to Live Here?<\/h2>\n
Homeowner’s Insurance<\/h3>\n
HOA Fees<\/h3>\n
Taxes<\/H3><\/p>\n
6. How Does the Neighborhood Affect My Future Home Value?<\/h2>\n
Conclusion<\/h2>\n