Is My Dream House in a not so Dreamy Neighborhood?
How do you know if the perfect house you have found is in the perfect neighborhood
? Driving by on a sunny Sunday afternoon may not be the best indicator of the true nature of the area. All too often people will fall in love with a house without taking the surrounding area into consideration. This can lead to serious problems down the road and cause you to regret the purchase decision.
Before buying a home it is wise to do some research on the area it is located in. Do you know what the crime rate is for the area? How are the schools? What is the average age of your neighbors? Is there a 'party house' next door? Does the quiet street turn into a busy shortcut during rush hour? Is there a registered sex offender living in the neighborhood? Is there a known drug house or half-way house close by? These things should all be investigated before a final decision is made.
Making multiple visits to the house at various times and on different days can reveal a lot about the area. Sit in front of the house with your windows rolled down and just listen to the activity (or lack of it), take a walk around the block and observe the sights, sounds, and smells (you may be downwind of a dump or factory). Make sure to go on a weekend evening to gauge how loud things can get.
In the past, you could count on your realtor to give you information about some of these issues, but now, in an effort to comply with The Fair Housing Act, they have been advised not to "disclose crime statistics or say a neighborhood is a safe place to live... or say anything about the quality of the schools". Instead realtors will steer you in the right direction to find out crime stats, etc..
You will also want to find out if the neighborhood is improving or on the decline. Are stores and services closing or have new businesses been opening up. These are things that will affect the resale value of your home. Also check with local authorities to determine if any developments (commercial and residential) are slated for the area.
The best advice is to not let your heart rule your head.... Do your homework, and ensure your dream house is in your dream neighborhood.
Is My Dream House in a not so Dreamy Neighborhood?