Things to Consider When Searching for the Right Neighborhood7.17.13
Despite the recovering market, there are still many great neighborhoods to invest in. Due to the desirability of these neighborhoods, many agree that these neighborhoods are likely to experience rising or stabilized home prices. Rather than focusing all of your attention on price, there are many other factors to consider when searching around for the perfect neighborhood.
By looking beyond price, you can find an area that will remain attractive to buyers for years to come. Consider the following when searching for the right area for your family:
Commute Times and Public Transportation
The distance to and from public transportation can also make or break a neighborhood in terms of market value. Some suburban neighborhoods may suffer if they are located too far away from cities or lack easy access to city-bound transportation. Compare prices of neighborhoods in the area and see which fare better.
Areas close to a train or metro line, whether you are in the suburbs or in the city, will keep its value. Also, look for communities that are convenient to major employment centers because there will always be a large amount of buyers looking in that area.
What’s around the neighborhood in question? Areas that have many shops, parks and libraries typically have a stronger value than areas where you have to drive 20 minutes to get to anything. The more amenities you can find in one place, the better off you’ll be purchasing near there.
Even if you aren’t planning on children, home buyers should most definitely look into neighborhoods with a good school district. Buyers always look for areas with good schools and when it comes time to sell, this factor could help you out. Although real estate agents cannot discuss whether schools are good or bad (due to Fair Housing laws), buyers can find test scores or other stats on district websites.
Buyers should think outside the box to ask questions that are important to their potential home’s value. By carefully assessing the local area and neighborhood, buyers can find a location that not only suits them personally, but also suits them financially.