When it comes to shopping around for a new home, there are a few considerations that should be made when deciding which neighborhood to purchase in. Here is a quick guide to help you in your decision-making process. Of course, if you have more questions, feel free to contact us or your agent to assist you. Our real estate agents are extremely knowledgeable about the areas we help our clients purchase a home in.
Choose A Specific Area
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:
Neighborhood Search Strategies For Limited Budgets
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.
Identify Neighborhood Trends
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.
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.
