When dreaming about your new home, you probably think of things like how many bedrooms it will have, what the nursery will look like, or whether you want a pool or a trampoline in your backyard. And while the particulars of your new home itself are important, the purchase of a new home is about more than just the home itself. You’re also buying the community. So it’s important to know what to look for in a community when buying a new home. For instance, before taking the final decision, making a visit in the neighborhood and discussing with the people from the community will help you understand if you this is your dream home.
Rising Home Prices
While rising home prices might not be a great deal for you when you’re the buyer, they will be wonderful for you if you sell one day. More importantly, however, rising home prices indicate that the area is in demand. The homes are well cared for and people want to live there. This also gives you a better rebound after recessions or other market disasters. Make sure you don’t compare prices nationally. Compare locally to get the most accurate view.
Higher Owner-to-Renter Ratio
Even renters with a 12-month or longer lease don’t tend to stick around for a long time. Homeowners, however, tend to stick around for years. And even when they do stick around a while, renters don’t feel as invested in their home or their neighborhood or community because they don’t own. While most renters are decent people who take care of the property they live in, you’ll have a better connection and a closer community if most of the people in the area own their homes as well. Your real estate agent should be able to provide information on the owner-to-renter ratio of any neighborhood you’re looking at.
New Developments on the Horizon
An area that is no longer growing tends to stagnate. Eventually, it may even begin to fall into disrepair. Look for a community where there is still room for growth – and that growth is happening. But remember that some forms of growth are better than others. Consider how new developments, whether it’s a shopping center or a new neighborhood, might impact your travel time, ability to get the goods and services you need, and overall quality of life.
Safety Signs and Signals
No one wants to live in a neighborhood filled with sex offenders, drug dealers, or other criminals. So look for signs that people in the neighborhood feel safe and secure. Look for nice parks filled with families playing and enjoying themselves and families riding bikes or walking the streets. Look for kids playing in their own yards without parents hovering. Look at the homes themselves for things like bars over windows or doors that might indicate people don’t feel safe.
Buying a home is a huge investment. You’re not just buying the boundaries of the lot and the walls and roof that make up the house you’ll live in. You’re also buying the sidewalks, streets, and other physical aspects of the community. And you’re buying the sense of community: the friends you’ll make and the fun you’ll have. Make sure the choice is the right one.