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< About Buying Real Estate
Your neighborhood has a big impact on your lifestyle. Follow these steps to
find the perfect community to call home.
- Is it close to your favorite spots? Make a list of the activities —
movies, health club, church, etc. — you engage in regularly and stores you
visit frequently. See how far you would have to travel from each neighborhood
you’re considering to engage in your most common activities.
- Check out the school district. This is especially important if you
have children, but it also can affect resale value. The Department of Education
in your town can probably provide information on test scores, class size,
percentage of students who attend college, and special enrichment programs.
If you have school-age children, visit schools in the neighborhoods you’re
considering. Also, check out www.schoolmatters.com.
- Find out if the neighborhood is safe. Ask the police department
for neighborhood crime statistics. Consider not only the number of crimes but
also the type — such as burglaries or armed robberies — and the trend of
increasing or decreasing crime. Also, is crime centered in only one part of
the neighborhood, such as near a retail area?
- Determine if the neighborhood is economically stable. Check with
your local city economic development office to see if income and property
values in the neighborhood are stable or rising. What is the percentage of
homes to apartments? Apartments don’t necessarily diminish value, but do
mean a more transient population. Do you see vacant businesses or homes that
have been for sale for months?
- See if you’ll make money. Ask a local real estate agent
to get information about price appreciation in the
neighborhood. Although past performance is no guarantee of future results,
this information may give you a sense of how good of an investment your home
will be. A government planning agency also may be able to
tell you about planned developments or other changes in the neighborhood —
like a new school or highway — that might affect value.
- Make personal observations. Once you’ve narrowed your focus to two
or three neighborhoods, go there and walk around. Are homes tidy and well
maintained? Are streets quiet? How does it feel? Pick a warm day if you can
and chat with people working or playing outside.
< About Buying Real Estate
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