Buying Tip: Making sure the Neighborhood is right for you
When shopping for a home, particularly if you are buying your first, it is easy to get excited about features. It is important to like the home you are buying and for it to fit your lifestyle and needs, but back up a bit and look around it.
Perhaps you had good help in locating the home, or maybe you found it online or went to an open house. You may have even done some research on the neighborhood or area of town. Considering the fact that you will probably own the home for at least five to eight years, you should take care to investigate the neighborhood.
This does not just mean the sold property statistics to get valuations or the average price of homes in the area. First, do a thorough drive-around in the neighborhood, down every street, side streets, and main thoroughfares. Look at things like sidewalk conditions, care of the streets themselves, potholes, etc. What you are looking for with this simple drive-around is the erosion of care, perhaps due to property tax issues that are cutting budgets.
One example of how property taxes can create pressure on the city’s services is when there are special property tax discounts for certain groups. For example, some areas discount property taxes by a lot for seniors, while others have their tax rates fixed so that they cannot rise over time. In situations where too many discounted taxpayers are in one neighborhood or area, there can be a slippage in services if budgets cannot sustain them.
Another thing to look for in a drive-around is the general condition of homes and yards. If many are poorly maintained, this could be a trend that could devalue homes. This can happen quickly if there is not an active homeowner association with enforceable rules for property appearance.
Depending on how close you see businesses, and if they are in converted homes, you may want to investigate zoning and initiatives to change zoning. Moving from R1, meaning single-family homes in most areas, to multi-family zoning or even commercial for small offices can begin to impact a neighborhood and lower property values over time.
If you have any concerns about declining property values, have a real estate professional pull sold property prices from as far back as possible. You are looking to see how values have appreciated over time and if an upward trend is softening or even reversing.
One thing to remember in the excitement of buying a home is that the home is not a standalone structure. It is part of the neighborhood and is subject to value adjustments based on the other properties around it.
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