ChildrenDo you have children or are you planning to have them in the future? If children are a factor, be sure to learn about the schools in your neighborhood. Even if you don't have children, buying a home in a neighborhood with good schools and a child-friendly atmosphere will give your home price a boost.
Location
The old real estate adage "location, location, location" is important for several reasons.
Do you want to be able to walk or ride your bike to work? Or do you not mind commuting further to be able to live in an area where you can escape from the hustle and bustle?
Do you want to be able to walk to restaurants and shops? Or do you not mind having to drive to go out or go shopping?
Access to public transportation or freeways is important to consider when choosing a neighborhood that accommodates your lifestyle preferences.
Type of Home
Do you want a large house with a yard to accommodate guests and children? Or do you want a condo where most maintenance is taken care of for you (and you don't mind paying HOA fees)? Drive through the neighborhood and take note of the patterns in the layout of the homes, for example, bungalow, ranch, Tudor or Victorian. Does the type of home offer the amount of space and storage you will need?
Do you like the character of old homes and neighborhoods, or do you want a brand new home? An old home can have more charm, but may also require more maintenance. In addition to the age of the home, investigating the demographics of the neighborhood may also offer insight about the average age of your neighbors. Your new community may end up better fitting your lifestyle if you know you'll be surrounded by families of similar ages to your own.
Noise
Do you not mind noise or do you want peace and quiet? If you want a lower-key neighborhood, avoid living near a college or an area with a hopping nightlife. When visiting neighborhoods you are interested in, take note of the amount of traffic and how close it might be to a major thoroughfare; both factors would impact volume levels, even during non-peak traffic hours.
Safety
In most cities, safety is also a factor. Evaluate whether a transitional neighborhood where you can get more bang for your buck is an option for you, or if a secure, established community is more your style. Local police departments will be able to provide you with information on recent crime rates in the area you are considering.
Economy
Find out how long homes are on the market and if sellers are forced to reduce their price to find a buyer. Also look around to make sure the retail isn't struggling. If you see abandoned buildings and "for rent" signs, you may want to keep looking. On the other hand, if you think the neighborhood is about to turn around, you may be able to get a great deal.
Hit the Pavement
Once you've identified several neighborhoods that are up to your standards, go investigate them. Hang out at the coffee shop or knock on some doors, and ask current residents why they love where they live. Walk around the neighborhood during the day to see what people are up to. Similarly, be sure to check out the neighborhood at night, and make sure you feel safe and secure about where you are.
Finally, if there is a neighborhood association, check if there are any construction restrictions or other similar guidelines that could hinder future plans for your home.
(reprinted from W.J. Bradley's Insight)
