When evaluating a neighborhood you should
investigate local conditions. Depending on your own particular needs and tastes,
some of the following factors may be more important considerations than others:
- quality of schools
- property values
- crime rate
- future construction
- proximity to schools, employment, hospitals, shops,
public transportation, prisons, freeways, airports, beaches, parks, stadiums and
cultural activities such as museums, concerts and theaters.
Neighborhood search strategies
If you’re a first time-buyer with limited financial
resources, it's wise to buy a home that meets your primary needs in the best
neighborhood that fits within your price range. You can maximize your home
purchase location by incorporating some of the following strategies into your
- Look for communities that are likely to become "hot
neighborhoods" in the coming years. They can often be discovered on the
periphery of the most continuously desirable areas. Look for a home in a good
neighborhood that is a bit farther out of the city. If commuting is a concern,
purchase a home that is close to public transportation.
- Look at the neighborhood demand by asking your
REALTOR® whether multiple offers are being made, whether the gap between the
list price and sale price is decreasing, and whether there is active community
involvement. You can also drive around neighborhoods and see how many "sale
pending" and "sold" signs there are in a particular area.
- Look into purchasing a condominium or co-op, rather
than a house, in a desirable neighborhood. This way you still may be able to
purchase in a prime area that you otherwise could not afford.