Location, location, location. Old and established or up and coming neighborhood? The former will be more expensive, maybe even out of your price range but how do you find an up and coming neighborhood? Just outside the boundaries of that well established neighborhood is the place to begin looking. How about a new home community? A brand new neighborhood, sometimes with amenities such as a clubhouse and swimming pool.
What is a good neighborhood? It is close to shopping, transportation, has parks and community centers, has well kept homes and a high percentage of owner-occupants and a low crime rate. Call the local police for the crime statistics. Call the city or county offices for information about the schools. Take a drive through the area you are interested in and see what life is like. Visit the parks and rec centers and talk to the people who live, work and play in the area. What do they think?
Your real estate professional can help you find out what the resale values are in the neighborhood. Ask your real estate professional how long houses in your desired area have been on the market. Are sales slow? Is that due to the economy or has the neighborhood experienced problems?
Have you found the perfect neighborhood? Not so fast. Drive to and from the neighborhood at different times of the day and from different directions. Talk to the people at city hall or the county seat and make sure there are no major construction projects planned for the area. Take an active, not passive interest in this purchase. You and your real estate professional are a team. Talk to them about any concerns you may have about a neighborhood in which you are interested. Their knowledge of the local market will be invaluable to you.
Tomorrow, THE HOUSE!
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