Neighborhood Considerations for the Buyer
You've heard it before. When choosing your new home, consider three important factors: location, location and location. Choosing a home you can afford in a desirable location is a wise choice, both from a personal and financial perspective.
Keep in mind that the neighborhood is part of what you buy when you purchase a home. Find out where the neighborhood is going – and where it's been. The property value of houses in the neighborhood can tell you a lot, as well. Ask your Real Living agent for a Comparative Market Analysis (CMA).
Remember, if you're looking at a well-regarded, established neighborhood or an up-and-coming one, you may find it worth the extra money you'll have to put into the purchase of the home. On the other hand, if the neighborhood is past its peak, you may want to lower your offer accordingly.
Either way, your Real Living agent can help you negotiate fair market value for the home you want.
Get to know the neighborhood
You can learn a lot about the character of a neighborhood just by driving around. Also consider talking to some of the neighbors about concerns such as:
- How do the children routinely reach their schools, play areas and friends' homes–by walking, bicycle, bus or do parents drive them?
- Is public transportation available for commuting or shopping?
- How far away is your place of worship?
- Do any local ordinances affect pets, parking, lawn care or other activities?
- What are the disadvantages of the neighborhood? Freeway, railroad or airplane noise? Factory pollution, heavy traffic, exposure to heavy storms, possible flooding?
- Are there homeowners' association restrictions?
Beyond talking to the neighbors, here are some additional avenues for information:
- Drop in on local school board, government or other open community meetings.
- Visit the schools.
- Dine and shop in local establishments. (Tip: Be sure you overhear what the locals have to say about issues of neighborhood concern.)
- Subscribe and read the community newspaper(s).
- Ask your agent. S/he has excellent resources to share.
Buying a home requires a lot of introspection. Use these questions as you consider what type of community you'd like to live in and be sure to share your answers with your Real Living agent:
Which type of living do you prefer?
Urban
Suburban
Semi-rural
Rural
Which type of population density would you prefer?
Low
Medium
High
Would you prefer a community whose population is:
Decreasing
Stable
Increasing
Which natural features are the most important to you?
(Check all that apply.)
Woods
Hills
Flat land
Rivers
Lakefront
Stream
Pond
How do you commute to work?
Walk
Drive
Car pool
Taxi
Bus
Train
What's the distance of your commute?
0-5 miles
6-10 miles
11-20 miles
20+ miles
What's the maximum amount of time you'd be willing to have for your morning commute?
Less than 20 minutes
Under 30 minutes
1 hour
Would you use available public transportation for local trips or to visit nearby communities?
Yes
No
Would you like to live near public transportation?
Yes
No
Where do you prefer to shop?
Central commercial districts
Shopping malls
Community shops
None, I prefer home delivery
Which type of school do you need now or in the next few years?
Elementary
Middle/Junior High
Senior High
Community College
College/University
Which amenities would you desire to have nearby? (Check all that apply.)
Recreation
Entertainment
Music
Movies
Live Theater
Sports Arenas
Museums
Nightlife
Public Parks
Private Country Clubs
Fraternal Groups
Finally, as you refine your home search, request a free Buyer Market Analysis from your Real Living listing agent. This information-packed profile of specific communities (or with a side-by-side comparison of any two communities) lets you consider schools, neighborhood amenities and demographic profiles.
Find out about the seller's neighborhood considerations.
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