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One of the most important decisions a homebuyer must
make is choosing the right neighbourhood. While this is a very personal decision
that often hinges on hundreds of different factors, you should always keep in mind
the following.
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- • If you are considering buying in an unfamiliar neighbourhood,
take the time to walk or drive around it, both during the day and in the evening.
- • Check out the availability of community amenities (such
as public transportation, parks, stores, churches and schools). If you have school-age
children you may even want to visit the local schools and day-care centres.
- • It's a good idea to travel the new driving route to and
from work during the appropriate times to see what traffic is like.
- • The quality of neighbourhood planning, any future development
plans and local zoning will also have a significant effect on a neighbourhood's
desirability. Re-sale values and even future property taxes are likely to be affected
by any significant neighbourhood changes. Are developers interested in the neighbourhood?
If so, find out what kind of projects they have planned. You should remember that
attractive tree-covered empty spaces often become the location of new development
in desirable areas.
- • Find out if there are major infrastructure projects planned
for the area. Major construction projects, which could be anything from building
a new mass-transit station to widening the area's major roadway, are usually part
of a long-range city, town or county plan. While construction can be disruptive,
you need to determine if it will have a positive or negative long-term effect on
the neighbourhood and its property values. Find out all you can before you decide
to buy.
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- • Look into the local job market as well. You can expect
property values to rise if area employers are creating more jobs, especially higher-paying
jobs.
- • Talk to the neighbours. They could be one of your most
valuable sources of community information.
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