How to Choose
a Neighborhood for Your Home Search
Narrow your home search by identifying neighborhoods that are
right for you. This helps keep your search focused and efficient.
Your local REALTOR® can offer neighborhood information to guide
you in your search.
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
- traffic
- crime rate
- future construction
- proximity to schools, employment, hospitals, shops, public
transportation, prisons, freeways, airports, beaches, parks,
stadiums and cultural centers such as museums and theaters
Neighborhood Search Strategies for Limited Budgets
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 neighborhood search:
- Upcoming neighborhoods: 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.
Check for planned future development such as additional transit;
new community services such as pools and theatres; and chain stores
planning to move in.
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.
- Neighborhood demand: Look at the neighborhood
demand by asking your real estate agent 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.
- Co-ownership: 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.
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