30 Sep 2017

How to Choose a Neighborhood

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What to consider:

What is the crime rate in this particular neighborhood? How about the neighborhood next door?
What level of crime do I feel comfortable with?
Topography and Geography
Land geography can play a role in costs — especially if you’re overlooking a scenic vista or you’re right by the water. On the flipside, look out for flood zones or other danger-prone areas when making a decision.

What to consider:

Do I need special insurance in addition to homeowners insurance?
Is this property in a flood zone?
Property Value
If there have been some sales recently, then you can get a better idea of the potential value of the homes in the neighborhood. Typically, homes of the same type in the same location will sell within a few thousand dollars of each other. When looking at homes, your agent will pull listings of comparable properties, or comps, to see what other similar homes sold for so you can see if the home you’re interested in is priced correctly.

Question(s) to ask:

What are the comps in this area?
What’s the projected growth rate for this area?
School Zones
School zones come to mind when thinking of location, especially if you have children (or plan to have them soon), as they tend to affect home values. If schools are important to you, evaluate the schools in your neighborhood and which homes fall into which district. Additionally, there may be community centers or parks that increase the value of the neighborhood.

What to consider:

What school would my child attend if we moved here?
Are there parks or community centers in this area?
Using these factors as a guide for finding the right neighborhood can help you evaluate what you care about and make the decision that’s right for you.

N Gortler

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