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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
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property values
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traffic
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crime
rate
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future construction
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proximity to schools, employment,
hospitals, shops, public transportation,
prisons, freeways, airports, beaches,
parks, stadiums and cultural centers such
as museums and theaters
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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.
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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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