One of the most important decisions that you can make when buying a home is to choose the neighborhood carefully. Buying a home in a good neighbourhood can have several advantages.
Different people look for different facilities and amenities in the neighborhood of their home. This depends a lot on personal need. It is uncommon for a certain neighborhood to have all the good characteristics. Thats why different people choose different kinds of places to live in.
For someone who has children, having good schools close by might be preferable option rather than somebody who is looking to retire and looking for a peaceful area.
If you’re single and footloose and fancy free, your ideal neighborhood may be a downtown singles condo in a complex that is near to the heart of the city and the action.
The following are some sought after qualities of a great home locality and neighbourhood.
More Appreciation Of Home Prices
One of these advantages is that you can look forward to and appreciated home value in the future.
While you have to pay a premium to buy a home in a good neighbourhood, these costs can often be recovered when you sell your home. Home prices in good neighbourhoods tend to appreciate no matter what the condition of the real estate market is otherwise.
If price appreciation is important to you, this is an important point to remember. A currently good locality may not offer the best returns. The prices of a home in a neighbourhood that is upcoming in a good location may offer more appreciation in home value.
The economy of a particular community such as availability of jobs and growing opportunities tends to increase the value of a home in the future. Evaluating the job market and the overall economy health of a particular community and neighborhood will help you understand how a particular neighborhood is going to grow in the future along with the value of your home.
Amenities and Facilities
There are several amenities that might be sought after by a person in a place that one desires to live in. Good roads, lush green parks, ocean views, easy parking, proximity to schools, churches, shopping, places to eat, good transportation, playgrounds and recreational clubs are good examples.
The more of these amenities available, the more of a premium by price are you expected to pay to stay in that neighborhood.
Schools and College System
For a family who has school going children, having good schools nearby is an important factor for good neighborhood to buy a home in. People with children would be very concerned about the schooling system that is available in a particular community and neighborhood.
Choosing a good neighborhood is not always about appreciating the investment in your home, but also about choosing the right community background and environment.
Good schools produce good children which leads to a better community and development in the future. Do not rely on surveys or somebody else’s opinion when assessing the school quality but visit the school yourself and speak with parents and teachers in a particular community to get a first-hand view of the schooling system that is available in the neighborhood your are interested in.
Low Crime Rate
Most of the people today are concerned with the safety of their home and family as well. This is a well judged concern as crime rates in many parts of the country are high. As with choosing a neighborhood with quality schools, do not rely on hearsay or isolated newspaper reports. Communities compile crime statistics, generally by neighborhood. Call or visit the local police department, visit its website or check the towns reference library to get the facts.
You might wish to purchase a home in a neighborhood that is stable when it comes to changes and development. You do not want to purchase house in a neighborhood that is in a constant state of flux. This means that the neighborhood and the environment that you buy in into today may quickly change in the future.
For example, if you purchased your home because there was a lot of open space and parks around your house, it may quickly change if a multi-storied apartment building comes up in these open spaces. Check with the local planning department and a good real estate agent for the inside information on the future proposed construction projects and proposals in the neighborhood that you are considering to purchase a home in.
Pride of ownership.
The pride of ownership that the people take in their homes is going to determine a lot on how the neighborhood is maintained and shapes up in the future. If you drive through a particular neighborhood where people tend to take good care of their homes, you will be able to see it in the beautifully maintained homes and clean surroundings etc.
Property prices can decline when the homes in a particular neighborhood are no longer maintained and the neighborhood is full of houses that are in decay. Poorly kept houses, abandoned cars, owners that are not staying in the homes but renting elsewhere, high rate of vandalism and crime are all significant the neighbourhood is not being cared for and has the potential to decline further in the future.
Degradation of homes in an area is contagious and can spread from one home to another, quickly encompassing the entire neighborhood making a once good neighborhood decline into disrepair and one of low demand and real estate value.