Are you a first-time homebuyer? Make the process easier by choosing the perfect neighborhood for your needs. Our expert tips and advice will help you conduct thorough research to find the ideal neighborhood that aligns with your lifestyle, budget, and future value. Ensure your safety and wellbeing with our expert guidance. Don’t miss out on this opportunity!
“Discover the ideal neighborhood that aligns with your lifestyle, budget, and future value. Ensure your safety and wellbeing with thorough research before making a decision. Find the best fit for your needs with expert tips and advice.”
I once lived in a neighborhood with a Christmas chicken. My across-the-street neighbor was a top executive of a local poultry company and must have thought that a 6-foot lighted lawn ornament of a chicken was a festive holiday touch.
The point is: Neighborhoods have unique personalities.
Besides considering simple matters of quirkiness, finding a neighborhood that suits your lifestyle is a critical component of the homebuying process. It figures into the present and future value of a property, your safety and wellbeing — and your budget.
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Financial considerations
Of course, youll be concerned with current home prices — thats a given. But youll also want to consider recent property value appreciation or the lack thereof. Your real estate agent will provide you with a comparative market analysis for homes in the neighborhoods youre interested in.
Its a matter of making sure youre comfortable with where prices are going — hopefully up — especially after you buy. Real estate website Zillow shows a 10-year history of home values as well as a projection for where prices may be headed.
» MORE: Compare Mortgage Rates
As a new homeowner, property taxes will be a substantial part of your annual expenses. Most popular real estate websites offer this info, including Zillow and Realtor.com. If youre moving from another state or even county, you may also want to find out how other taxes will impact your budget. Local sales tax details are available at TaxJar.com; income tax rates on a local and state level can be found at TaxFoundation.org.
Transportation expenses can be a lifestyle and a pocketbook issue. How long your commute to work will be and how much of a hassle it will entail can be major factors in deciding where to live. Comparing the cost of a commute in your own vehicle to public transportation options can help you narrow down your choices.
Lifestyle factors
So you wont be surprised when a neighbor decides to mount a unique yard display, its a good idea to do a bit of research on your potential new address. Here are some ways to do that:
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Checking out the area from above in Google Maps Street View may reveal nuisances not always apparent from the ground: railroad tracks behind a subdivision, a borrow pit loaded with heavy earthmovers behind that innocent-looking green space or a drainage ditch you hadnt noticed before.
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A good walk and leisurely drive through the area can reveal nearby amenities: bicycle paths, parks, restaurants, libraries and shops.
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A school district evaluator site can help you judge local campuses. Even if you dont have children or plan on having any soon, living in an excellent school district will yield higher home values.
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If youre a pet lover, youll want to find out whether there are any homeowner association (HOA) restrictions on the size and number of pets per residence.
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Visiting a neighborhood at random times of the day or night and on the weekend — or better yet, a holiday — can disclose noise issues. And fun block parties.
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Talking to neighbors can give you a sense of the age and attitudes of neighbors. Who knew that well-appointed new development was a 55+ community? People who live in adjacent neighborhoods might give you even more of a lowdown about potential negatives than current residents.
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Noting the condition of streets, sidewalks and city services can tip you off to how the neighborhood will wear in the future — and the strength of its tax base for ongoing improvements.
Sperlings Best Places offers community profiles with economic and cost of living information, local medical facilities and more.
Safety issues
Real estate agents cant disclose information regarding crime and the safety of a neighborhood because of the fear of violating the Fair Housing Act. Websites such as CrimeReports.com and MyLocalCrime.com can pinpoint street-level crime.
A homes value declines by 4% on average if its located within one-tenth of a mile of a sex offenders residence, according to the National Bureau of Economic Research. Youll find the national sex offender database at NSOPW.gov, where you can search a neighborhood for registered offenders.
Unexpected attractions
A major motion picture with a holiday theme was filmed in that small-town neighborhood where I used to live and had just been released. Giant tour buses would roam the streets pointing out movie landmarks. Of course, my house wasnt one of them. And my neighbor with the Christmas chicken wasnt a movie location either, but his poultry display was enough to make each bus stop. Right in front of my house. Several times a night throughout the holiday season.
You can research a neighborhood before you move in, but you still may get some surprises.
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