Choosing a neighborhood is an important part in any buyers home selection process. When a market is hot and properties are selling you fast, you want to be equipped with ample information about the home you are looking at and the neighborhood that home is in.
A good neighborhood will not only be important in terms of you daily relationship with it, but will also be important in terms of the future resale value of your home. You want to invest in a great home that is well situated in amongst other great homes in a solid community.
If you're unfamiliar with the community you're looking in you might consider going for a drive around the area. Be thorough. If you can, drive down every street and get a sense of what sort of people live there. Are the homes and yards well cared for? Does there seem to be a lot of vacant properties, or does it seem like a bustling, happy and growing neighborhood? Are there parks, trails, play-grounds, or other designated green spaces in the area? Likewise, if the neighborhood is small enough you might do some of this investigating on foot. This way you might see more and even catch the chance to strike up a conversation about the area with a local expert!
Another way to get the inside scoop on what amenities are in, or near your neighborhood is to contact the local municipality. Some will distribute helpful brochures and booklets with valuable information on local libraries, recreation centers, colleges, parks, hospitals and local transit. Cross reference with this information, and see what you'll have available to you in your neighborhood. It's great to know what will be within manageable walking distance, or if you have to drive or take transit, what the route will be and how long it will take.
If you have, or are planning to have a family you may well want to contact the local school board and find out what schools are in your area and what programs these particular schools offer. If schools are very important to you, you might set up and appointment to meet with a teacher or principal.
In terms of investing, you might want to look for a neighborhood that is likely to become a "hot neighborhood". Take a look at property assessments of other homes in the area. This will give you a good sense of where the value of the neighborhood is, as a whole. It is also important to cross reference the property assessments with the current price tags on homes for sale in the area. Are the properties selling for a lot more than their assessed values? If so, this area could be already hot. Are the properties selling for close to their assessed values? If this is the case, this could be a good area in terms of investment. The prices are not soaring yet, but if it's a great neighborhood with solid potential it may well get hotter and hotter.
