Purchasing a house is a delicate balancing act that requires soul searching and consideration of various factors. From your financial standing to housing needs, neighborhood, transport system, and availability of social amenities, these factors significantly influence your decision when buying a new home. None of these factors is as important as the neighborhood in which you intend to settle in.
8 Easy Tips on How to Choose The Right Neighborhood
Choosing the right location before you purchase a house is a mind-bending task that requires careful consideration. The following easy tips will help you choose the right neighborhood when purchasing a house:
Housing market prices trend
House market prices follow a given pattern and usually determine the prices of homes in any given neighborhood. In some cases, the growth trend in house prices in the area is gradual and steady. Neighborhoods can also have localized housing bubbles fueled by artificial factors such as the construction of a big infrastructural project in the area or temporary movement of people into the locality. Disasters such as hurricanes may also drive house prices down.
Whether you are planning to resell the house or not, consider settling in neighborhoods with growth in house prices. By the time you resell the house, the price shall have increased by some margins. Such communities are particularly ideal for real estate investors looking for a return on investments.
For most people, the sidewalks and pathways in the neighborhood are not convenient and safe ways to use or cross the roads. However, some people use these sidewalks and pathways for walking exercises. Others also use them because walking is a part of their lifestyle. Therefore, the sidewalks become their avenues of reaching workplaces, visiting friends, or going for a doctor’s appointment. If you plan on having a pet once you move into your new home, consider looking for a neighborhood with sidewalks and pathways. Such communities are safer even for children, especially when it comes to crossing the roads.
While national or federal property and tax laws take precedence, local laws also shape housing prices. Local tax laws can easily increase your mortgage premiums over time, and they may lead to difficulties during mortgage payment. Facing foreclosure, particularly with your first house, can be a traumatizing and discouraging experience. Be proactive in searching for information on the property tax trends for the region you are considering for your first house. A trend of wild fluctuations may be a red flag for first-time homeowners. Relatively new communities are also not ideal for houses purchased on mortgages as there is a possibility that taxes in such locations may rise in the future with improved development.
Availability of schools
Whether you are considering having kids or not, the availability of schools in the area you want to purchase your dream home will affect your decision. The availability of private and public schools in the desired locality will lead to a hike in property prices. If you have kids or planning to have one in the future, you should go for communities with good school systems such as the quiet neighborhood in Sumang Walk ec. Buying a house in a neighborhood without a good school system may force you to spend extra money on taking your kids to school.
Even if you have a personal car for transport, the availability of public transportation in a locality you intend to purchase a house can add a layer of convenience when trying to access the area. If you plan on using public transport, always go for communities with a convenient and affordable public transport system. Always understand that the availability of affordable and convenient public transport will lead to an increase in the value of properties in the neighborhood relative to other locations. Other than visiting the area to check on the public transport system, you can also search for such information online.
One of the metrics for gauging the security of a neighborhood is the crime figures. When looking to buy a house, the last thing you need when you move is a spate of burglaries even before you finish unpacking. It can be a scary experience to be accosted in your house or along the sidewalks of your new neighborhood by gun-wielding thugs. Therefore, search for the crime statistics for the locality online or consult the local law-enforcement agencies. Move to a location where your kids will be safe playing in the backyard, and where you can feel safe driving to and from work.
Availability of social amenities
The availability of social amenities in any neighborhood, such as public parks or theaters, can drive property prices in the area. However, these recreational amenities usually come with additional property taxes. If you are into watching movies, swimming, or meditating in the serenity of a public park, consider purchasing a house in neighborhoods with such recreational facilities. Having a kids’ park in your locality can offer your kids a great weekend getaway, particularly during holidays and weekends. Therefore, before making that down payment on the house, visit the area. Sample the recreational facilities, whether public or private.
Current and future development
Before settling for a given neighborhood, visit the location and ascertain current and future developments in the area. Important development projects such as shopping malls can make a neighborhood ideal for settling in. These facilities will make shopping and accessibility to vital services such as healthcare convenient because they are ideal for setting up such businesses. A rapidly growing community may be an indication that many homeowners have confidence in its potential as a suitable location for building or buying a home.
Purchasing a house is a life-changing decision with hidden risks that should be considered carefully. When in the market shopping for a house, consider a neighborhood located near a good school with various activities. Always be intentional in choosing the ideal locality for your first home, whether you plan on reselling the house or not. As a standard practice, visit the various neighborhoods after you have narrowed down your search.
DISCLOSURE – This is a collaborative post.