Your New Home Search - Which Neighborhood is Right For You?

You've probably heard the real estate term "location, location, location" a thousand times. This term refers to buying the "worst home in the best neighborhood" to better your chances for home equity growth. But have you stopped to think what this term really means to you? What kind of neighborhood do you want to live in?

It's one thing to view a home strictly from the eyes of an investment opportunity, but if you are like most of us you will be living in your investment, so it's in your best interest to have a clear idea of the type of neighborhood you want to live in.

Ask yourself these questions about the neighborhood:

-Is the home located in a good school district? Near hospitals and other public services?

-What is the crime profile of the neighborhood?

-How long will your commute be to work?

-Are there public transit options within walking distance?

-How far will you be from family members? Daycare?

-How far will you be from recreation activities?

-Is it an older, established neighborhood or a younger, up-and-coming neighborhood?

-Are there plans for large commercial developments nearby?

-What will the neighborhood look like in 10 or 15 years?

-What are the values of other homes in the neighborhood?

-What is the traffic like during the week? In the evenings and on weekends?

-Are there any homeowners' association fees? Association rules or restrictions?

-Can you afford the county and/or city taxes?

Once you have located a home you are interested in, a good way to get information about the neighborhood is from the people that live there. Your potential new neighbors will have the most knowledge about the area and are usually happy to share the information with you.

Other ways you can do research about the neighborhood are:

-Real Estate Professionals: A knowledgeable Realtor® will have access to home values, the latest comps for the area and other useful information about the neighborhoods you are interested in.

-The Internet:Google the name of the neighborhood or subdivision and the city and state and you may find a multitude of information such as Planning Commission documents, maps, demographics, neighborhood blogs, neighborhood websites and more.

-Local newspapers: Smaller local weekly papers are very involved in the politics of the area and offer great information.

-Local school districts, school websites: Most schools have their own websites and post their teaching philosophy as well as how the school is rated against other similar schools in the state. You can also email the principal and ask specific questions about the school.

-Neighborhood or homeowners' associations: A wealth of community information can be obtained from these types of organizations.

-Local Chamber of Commerce: Chamber websites usually offer visitors an entire page of resources on the subject of "Relocation". You can also pick up a free map of the area, coupon books and local Area Guides. Some communities even offer a 'Welcome Kit' full of helpful information.

-Local Police Department: Check their website, the majority of police departments post maps of detailed crime statistics that can be searched by street name.

It may seem overwhelming at first, but doing your own 'background check' on your potential new neighborhood will help you make the best decision possible for your family.



Article by Elena Talis, Realtor, MBA-Equitybooster.com
Article source: www.goarticles.com

Must Read Tips For First Time Buyers

First time homebuyers face many challenges. It is a scary, yet exciting process to buy your first home. It can be overwhelming to take on such a large debt. For the majority of people, a home purchase is the largest purchase they will ever make.

It helps to understand the process and get to know what to expect. This will help ease the process and make it less confusing and scary.

The first thing to consider is if buying a home is the best thing to do. For most people buying a home is a natural part of their life. They have come to a point where they know that buying a home is the right thing. However, there are many aspects to buying a home that people do not consider.

Owning a home is not cheap. There are many hidden costs. Unlike renters, homeowners have to fix things when they break. Many times major problems occur and a home owner has to tackle them.

Also when using a conventional loan a person will need a large amount of cash upfront. A person should weigh the benefits and make sure home ownership is for them.

The next step is to start looking around to get an idea of pricing. Sometimes realtors will not even show a house, though, to someone who is not at least pre-approved for a loan. So, this search should mainly be just to get an idea of pricing. It isnt necessary to actually look at the house right now.

For the first time home buyer there are plenty of special financing options. There are programs tailored for the first time home buyer that offer special rates. It is always smart to shop around and try to find the best deal possible.

A loan with a high interest rate is going to be very costly, so that is important to keep in mind. Even people with bad credit can find a financing option to suit their needs, although, the interest rates on such loans are usually very high.

After getting pre-approved for a loan the first time home buyer can begin to really search for a home. It is important to shop around. Do not just choose the first house you qualify for. It is important to be very careful. Every major system should be inspected.

Ask questions to make sure there are no hidden or possible problems that could pop up. Buy something you love, but do so carefully to ensure your purchase is a smart one.

First time home buyers will experience a range of things. From the stress of getting financed to the joy of actually finding the home to buy, the first time home buyer will be consumed with their purchase for quite some time.


Article by James Copper
Article source: www.goarticles.com