Real Estate – Market, Mortgage, Buying Homes, Selling Property

Choosing a neighborhood to purchase a home is much like choosing a pair of shoes – it should be a good fit that will be comfortable for a long time – until you outgrow them or decide to have them resoled. This is an oversimplification, of course, but the idea is similar.

The neighborhood you decide on can make a huge difference in the experience you have with owning real estate. Choose wisely and can look forward to future appreciation in value. Choose poorly and you may be stuck with a home in an area where people are reluctant to purchase. Here are 5 questions to ask when choosing a neighborhood.

1. Is the neighborhood conforming? By this I mean are the home similar to each other in size, style, and age? Real estate property values tend to be more stable in areas where the homes have more similar than different amenities, rather than being a mixture of older and newer, one and two story, ranch style and colonial.
2. Is the neighborhood aesthetically pleasing? Are there tree-lined streets, underground utilities, and good setbacks (distance of the front of the houses from the street)? Is it enjoyable to look at when you are walking or driving down the streets?
3. Is the quality of construction above average or good? What types of roofs do the homes have? Is stucco or wood siding more common? Depending on the neighborhood, sometimes there are neighbors who know who the builder was if they are tract homes, or the architect if they are custom built homes. Try to find out if many of the residents in the neighborhood have an addition of any kind, like a sunroom or family room, or a pool.
4. What kinds of activities are there in the neighborhood? Is there a park or a school close by? Drive and walk around the neighborhood at various times and days. Are there people outside walking or playing with their children or dogs? What is the traffic like?
5. What types of facilities are close to the neighborhood? Is there any type of public transportation? Is it close to parks, shopping, employment centers, and other desirable venues? Is it close to the railroad tracks, an airport, or a factory?

By asking these questions and taking the time to check out the neighborhood, you can make a more informed decision as to whether this would be a desirable neighborhood for you to consider when purchasing a home. Remember that a wise, educated choice today will mean greater profits tomorrow.