First-Time Homebuyer: Researching Your New Neighborhood
I once lived in a neighborhood with a Christmas chicken. My across-the-street neighbor was a top executive of a local poultry company and must have thought that a 6-foot lighted lawn ornament of a chicken was a festive holiday touch. The point is: Neighborhoods have unique personalities.
Besides considering simple matters of quirkiness, finding a neighborhood that suits your lifestyle is a critical component of the home buying process. It figures into the present and future value of a property, your safety and well-being — and your budget.
Of course, you’ll be concerned with current home prices — that’s a given. But you’ll also want to consider recent property value appreciation or the lack thereof. Your real estate agent will provide you with a comparative market analysis for homes in the neighborhoods you’re interested in. It’s a matter of making sure you’re comfortable with where prices are going — hopefully up — especially after you buy. Real estate website Zillow shows a 10-year history of home values as well as a projection for where prices may be headed.
As anew homeowner,property taxes will be a substantial part of your annual expenses. Most popular real estate websites offer this info, including Zillow and RealtyTrac. If you’re moving from another state or even county, you may also want to find out how other taxes will impact your budget. Local sales tax details are available atTaxJar.com; income tax rates on a local and state level can be found atTaxFoundation.org.
So you won’t be surprised when a neighbor decides to mount a unique yard display, it’s a good idea to do a bit of research on your potential new address. Here are some ways to do that:
Checking out the area from above in Google Maps Street View may reveal nuisances not always apparent from the ground: railroad tracks behind a subdivision, aborrow pitloaded with heavy earthmovers behind that innocent-looking green space or a drainage ditch you hadn’t noticed before.
A good walk and leisurely drive through the area can reveal nearby amenities: bicycle paths, parks, restaurants, libraries, and shops.
Aschool districtevaluator site can help you judge local campuses. Even if you don’t have children or plan on having any soon, living in an excellent school district will yield higher home values.
Visiting a neighborhood at random times of the day or night and on the weekend — or better yet, a holiday — can disclose noise issues. And fun block parties.
Talking to neighbors can give you a sense of the age and attitudes of neighbors. Who knew that well-appointed new development was a 55+ community? People who live in adjacent neighborhoods might give you even more of a lowdown about potential negatives than current residents.
Noting the condition of streets, sidewalks and city services can tip you off to how the neighborhood will wear in the future — and the strength of its tax base for ongoing improvements.
Real estate agents can’t disclose information regarding crime and the safety of a neighborhood because of the fear of violating the Fair Housing Act. Websites such as CrimeReports.com and MyLocalCrime.com can pinpoint street-level crime.
A home’s value declines by 4% on average if it’s located within one-tenth of a mile of a sex offender’s residence, according to theNational Bureau of Economic Research. You’ll find the national sex offender database at NSOPW.gov, where you can search a neighborhood for registered offenders.
RealtyTrac.com offers additional resources regarding safety considerations, including the location of former drug labs, local environmental risks and even disaster probabilities such as earthquakes and tornados.
Unfortunately, much of the information is for premium users only — and it’s not cheap. Subscriptions begin at $49.95 a month, though a company customer service rep told NerdWallet that you can call and cancel before the next month’s billing cycle if you want to tap the service for only a month.
A major motion picture with a holiday theme was filmed in that small-town neighborhood where I used to live and had just been released. Giant tour buses would roam the streets pointing out movie landmarks. Of course, my house wasn’t one of them. And my neighbor with the Christmas chicken wasn’t a movie location either, but his poultry display was enough to make each bus stop. Right in front of my house. Several times a night throughout the holiday season.
You can research a neighborhood before you move in, but you still may get some surprises.
Author:Jayson Linford Phone: 480-479-5100 Dated: February 26th 2018 Views: 58 About Jayson: Jayson is a serial entrepreneur, author, and has had a unique understanding of why people do what th...
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