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Picking a neighborhood
To help you find the right neighborhood, it helps to:
- Create an attribute list.
- Use a neighborhood location service on the Web.
- Research neighborhood sales trends.
Attribute checklist
Picking a home often starts with finding the right neighborhood. Are you looking for an urban or rural setting,
or do you prefer the suburbs? Consider the tradeoffs in commute time, quality of schools and access to recreation and
sevices such as shopping. Look at the composition of the neighborhood you're interested in. Is there a
neighborhood association that actively participates in community issues? Is the neighborhood
made up mostly of homeowners, or are there many renters? Is the neighborhood patrolled regularly? It's
likely that the quality of life in your neighborhood will determine how happy you are in your new home.
Consider using a checklist of attributes that you deem most important. You may wish to rank them
in order of importance. Here's an example, ranked arbitrarily, of an attribute checklist:
Sample Checklist
| "How long will my normal commute be?" |
_____ minutes |
| "Is there reliable mass transit?" |
Yes ___ No ___ |
| "Are the stores conveniently-located and appealing?" |
Yes ___ No ___ |
| "What is the reputation of the public schools?" |
_______________ |
| "Is there a vibrant and accessible art community?" |
Yes ___ No ___ |
| "Is the neighborhood cyclist-friendly?" |
Yes ___ No ___ |
| "Is the community diverse, ethnically and professionally?" |
Yes ___ No ___ |
| "What kinds of crime occur? Do police 'walk the beat'?" |
_______________ |
| "Are there affordable restaurants and services?" |
Yes ___ No ___ |
| "Are there leash, noise or other public ordinances?" |
Yes ___ No ___ |
| "Are there hospitals and clinics?" |
Yes ___ No ___ |
Neighborhood location services on the web
Several Web sites compare cost of living and quality of life indicators for hundreds of U.S. cities. For a more detailed search by neighborhoods,
visit the Web site of National Association of Realtors. The site provides descriptive information on neighborhood characteristics, recent home
sales, and current listings.
Research neighborhood sales trends
Analyzing recent home sales in your target neighborhood is helpful. Using your realtor or one of these neighborhood
location services, check for prices and number of homes sold. Be sure to look at comparable sales: '3-bedroom, 2-bath homes with 2,000 square feet',
for instance, if that's the size of home you are looking for.
Look at the number of home sales over time and the sales price. Are there more sales in the past six months than in the previous period? If yes, this suggests increasing
demand for homes in the neighborhood. Rising average sale prices is also a good barometer of the neighborhood's
appeal.
Here are some useful calculators to help you with your home shopping:
Next Topic: Deciding to buy or rent
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