How to Choose a Perfect Neighborhood and Buy Your First Home
When considering a neighborhood you must view it in terms of neighborhood preferences and your emergency neighborhood exit strategy.
These are the big and little things which make a community nice to live in.
Such as:
By keeping resale value in mind when purchasing your home you will not have to spend months and months on the market if and when you decide to sell your home.
A fast and easy way to determine resale value is to judge how well the house you're buying matches the neighborhood you're moving into.
For example - you do not want to own the only townhouse in a multi-family neighborhood.
Chances are the majority of buyers who would be purchasing your home in a multi family neighborhood are looking for multi-family investment properties.
On the other hand if you are trying to sell to a single family home buyer in a multi-family neighborhood you get the opposite.
They would feel like they're still renting and probably do not want to live in another transient renters neighborhood.
Another method of putting together an exit strategy is to think about the very things you are looking for as a home buyer.
Young couples have been buying homes since the beginning of time and not much has changed.
The usual suspects are good schools, clean streets and being close to their job etc.
These are the big and little things which make a community nice to live in.
Such as:
- Safety and Security - Knowing both you and your biggest investment are safe at all times.
- Welcoming Community - You would not want to move into a community that views new residents as parasites sucking the blood from their veins.
You want to feel part of something good. - Convenience Factor - How close are you to work, shopping centers, grocery stores and hospitals? There's nothing worse than your gas hand being on empty and there is not a gas station for twenty miles in either direction from your house.
- Education Factor - If you already have kids then you know how important being in a good school system is to your child.
- This Neighborhood Does Some Weird Stuff Sometimes Factor - There are some neighborhoods that require you to paint your house certain colors and restricts you from painting it any other color or pay a fine.
Imagine that.
By keeping resale value in mind when purchasing your home you will not have to spend months and months on the market if and when you decide to sell your home.
A fast and easy way to determine resale value is to judge how well the house you're buying matches the neighborhood you're moving into.
For example - you do not want to own the only townhouse in a multi-family neighborhood.
Chances are the majority of buyers who would be purchasing your home in a multi family neighborhood are looking for multi-family investment properties.
On the other hand if you are trying to sell to a single family home buyer in a multi-family neighborhood you get the opposite.
They would feel like they're still renting and probably do not want to live in another transient renters neighborhood.
Another method of putting together an exit strategy is to think about the very things you are looking for as a home buyer.
Young couples have been buying homes since the beginning of time and not much has changed.
The usual suspects are good schools, clean streets and being close to their job etc.