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.
