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With
so many homes on the market you'll never get anywhere
unless you narrow your choices. You can begin this process
by first identifying one or a few neighborhoods that
are right for you by:
- Considering
local factors
- Using
neighborhood strategies.
Factors
to Consider When Evaluating a Neighborhood
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, Cultural Activities (museums, concerts,
theaters, etc.), Prisons, Freeways, Airports, Beaches,
Parks, Stadiums
Neighborhood
Search Strategies
If you're a first time-buyer with limited financial
resources, it's a wise purchasing strategy 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:
- 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.
- 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.
- Look
at the neighborhood demand by asking your REALTOR
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.
- 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.
Choose
a Home
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