Choosing the Right Neighborhood When Buying a New Home
Choosing the next neighborhood you move into is one of the most important decisions you can make. The results of this decision will have a significant impact on your quality of life.
Your neighborhood choice will dictate what kind of people are around you and how much crime there is, among other things. This guide will help you choose wisely so that you don’t regret your decision later on down the line!
People often choose neighborhoods they think are cool once they see what they look like on the outside. If you prefer quiet, consider moving into a neighborhood with mostly older people rather than newlyweds. When meeting new neighbors is important, try looking for homes close to common areas such as parks and community events so that it’s easy to meet them organically.
Why It's Important to Find a Good Neighborhood
When buying a home, it’s critical to be aware of your surroundings. In addition, when you’re considering where to live, you need to be able to picture yourself living there for at least the next few years. Therefore, it’s essential to research before signing on the dotted line.
When it comes to choosing the right neighborhood, you’ll want to do your research.
Ask yourself why you’re making a move and what you hope to accomplish? You will need to consider how children or pets will impact your life when choosing a location. Additionally, if there are things that are important for you in a house, such as a large yard, you may need to decide where you will live based on what’s available in that location. You can find information about the school district in the area and research the social activities offered in your desired neighborhood.
Finding a Good Neighborhood to Buy a Home
You don’t want to buy a home in the wrong place. That’s why it pays to do your research and find out what makes for a good neighborhood before you move into one.
Here are a few of the things most people believe make up a good neighborhood:
- A stable, safe environment (low crime rates)
- Affordable homes (not too expensive)
- Easy access to public transportation and highways (less time spent on commutes)
- Plenty of trees, parks, or other green space (a sense of community)
- Good schools with high test scores and low dropout rates.
If you’re looking for an investment property in today’s market, these qualities will also translate into higher rents and lower vacancies.
When buying a home, your main priority is to find a place that you can be happy in. Choosing the right neighborhood will make all the difference in how you feel about your new home and community, so it’s essential to do your research before signing on the dotted line.
Things to Consider When Choosing a New Neighborhood to Move Into
There are many things to consider when choosing the neighborhood you are going to live in. People forget that it’s essential to make sure you fit in with the community and its inhabitants. Some questions people should ask themselves before moving into a new neighborhood include:
School Quality
Not all neighborhoods are made equal. Some have better schools than others, which can make or break the desirability of an area to potential residents. On top of that, school boundaries sometimes change quickly, and families may face moving to another school zone soon after moving in. So what’s one to do?
There are many different opinions among real estate agents about how much school quality matters when determining whether or not the particular house is worth buying. However, the consensus seems that it matters more for some people than for others, making it hard to provide a simple answer on how important it should be when searching for your dream home.
If old enough, ask the neighbors which schools their kids go to school. While this has the potential to be quite awkward, it is better than asking the parents directly.
Job relocation tends to matter more when one or both of the parents work in education. Especially if they consider switching jobs, which usually involves moving again relatively soon after buying a new house, this makes school quality very important since teaching is their career and their professional development depends on it.
People who already have children should pay close attention to school quality because this might influence their decision to settle down permanently. There’s no point in looking at houses outside your desired school zone if you don’t intend to stay there for more than five years.
Some parents want to move into a neighborhood with top-notch school districts, while others may be okay with public education provided by the state. Whatever your preference is, it’s essential to research local schools and what type of statistics they have for student success.
Crime Rates
Crime rates in the neighborhood you want to move into are essential to know. A few questions you should ask yourself before moving into a new area are:
- What type of crimes are committed most frequently?
- Is violent crime being committed at a rate higher than property crime?
- What kinds of crimes have been committed recently in the neighborhood?
You can find crime rate statistics for your neighborhood at city-data.com
City-data.com provides crime rates for all types of crimes committed in a particular area using the FBI’s Uniform Crime Report statistics.
The website also provides information on how safe an area is.
Even if the neighborhood has a high crime rate, don’t rule it out entirely. A notorious street can be as safe as a new subdivision if the occupants of both neighborhoods tend to keep their property secure.
Lifestyle
Every neighborhood is different, so choosing one with the right atmosphere for your taste is essential. If you enjoy being alone or far from neighbors, it’s best not to move into a small-town community where everyone knows each other by name!
Finding a place that matches your personality means there will be less chance of things like crime occurring. So, before you start moving boxes to your new home, it’s crucial to have a good idea of the neighborhood you want to purchase a home and live in.
Here are two different examples of what a neighborhood can be like:
Small town living is a slower-paced lifestyle that gets everyone involved with each other. This type of neighborhood works well for people who enjoy being part of a more significant community because there will always be someone around you know who wants to get up and join the fun! In this neighborhood, children will usually play outside by themselves or with their friends from down the street. You run into friends every time you go out for groceries, and if an emergency strikes, someone from the neighborhood can always be counted on to help out. Whenever something like a bake sale or neighborhood pot luck event takes place, everyone is invited! This type of atmosphere is excellent for people with children because the chance of getting hurt on their way to school is slim.
The downside of small-town living is that it can often be challenging to make new friends if you move there alone or don’t know anyone in the area already. Also, communities like this come with a lot more regulations, and it might not fit someone who prefers going out whenever they want.
Urban living means a faster-paced lifestyle where anything goes! There’s always something going on around the corner. Every cafe has its live music shows playing three times a week, there are always new art galleries opening up downtown, and your favorite bar is always hosting a fun-themed party every Friday night. In this atmosphere, it’s hard not to be connected, so you can always rely on your neighbors for company or help if need be. If you have children, big cities are often full of daycares and preschools because there’s a better chance of finding a job downtown than in the suburbs.
The downside to living in an urban environment is that the crime rate is usually higher, which means being alert at all times! Also, sometimes it can feel as if everyone around you is going through the motions without getting too involved with anyone else.
So what kind of neighborhood do you prefer? Do you want to live alone or surrounded by others who share your interests? Or maybe you’re somewhere in between!
Cost of Living
Your cost of living has a significant impact on your income, whether you are single or raising a family. Your cost of living is determined by many things, including the price of your mortgage, the school systems in your area, and even how much it will cost to take care of your house.
The best way to reduce the amount of money you pay out each month for your basic needs is to choose an area with low prices (and/or high value). This means you might be able to meet your financial goals faster than expected.
You don’t want an area with high prices for everything, but you also don’t want a place where housing costs are below average for the city. So it would be best if you struck a balance between the two when choosing your new home.
It is easy to make excuses why you can’t afford to live in a good place, but it will only cost you more money in the end if you stay there too long.
Your future self with thank you for making the right choice now!
Cost of Transportation
Depending on your situation, you may want to consider your cost of transportation when choosing a neighborhood to live in. Transportation costs (gas, maintenance, car notes) are usually the second largest expense in our monthly budget. They can eat up around 9% of our income, according to one study. Every decision we make regarding where we will live and what mode(s) of transportation we use can greatly impact our cost of transport (COT). This is especially true if you commute to work every day or plan on commuting anywhere frequently.
Choose a community that is clustered tightly together with little room for sprawling suburbia. It may reduce your need to drive increasing by decreasing your COT because many people do not have cars, so you would have access to more public transportation options such as walking, biking, and riding the bus.
If you plan to use public transportation, you will want to consider your proximity to the nearest bus stop or train station. If your commute is long, it would be wise to look into an area with nearby access. Also, consider how many people in your household travel daily by car, and if this number is more than 1, then transportation costs could quickly add up, forcing you to find a new home with a better COT.
A small community may mean less traffic and more congestion on our roads depending on where you choose, so keep that in mind when searching for places with suitable COTs. You may even consider moving close enough to work that you can bike, which would significantly reduce your cost of transportation.
Local Businesses and Shopping
The local businesses in your neighborhood are more important than you might realize. They can go a long way to ensuring that you have access to all the necessary amenities. They also give you places to go if you want something different from your home.
Just like some people don’t think about whether there are good schools in the area or not when looking for a new home, these same people may not look into what kind of shopping is available either. They’re too busy thinking about other things like how much house they can afford and what kind of yard the home has instead. Like most people, that’s probably not you; you want to keep all these things in mind.
When thinking about shopping, the first thing that comes into many people’s minds is a mall or strip shopping center with large stores and restaurants. This is far from the only type of shopping available, though. The good news for those looking for a new home, or who are moving soon, is that there are other types of shops available. These may be more convenient for some of us because they’re within walking distance of where we live.
While still important, malls and mega centers aren’t the only places to do your shopping anymore. We don’t even have to leave our homes with the internet and delivery services if we don’t want to. This can be good for the elderly or who otherwise might not get out of their home. However, it may also make it challenging to find a new home in an area with certain types of shops.
Property Taxes
Last but certainly not least, you need to consider your property taxes. Property taxes are usually determined by the city or county authority. You can calculate this cost by using an online property tax calculator. If you are looking to save some money on your yearly property tax bill, consider choosing a low-tax municipality instead of one with high taxes (keep in mind they will also likely have lower home values). Alternatively, it is wise to choose a city with lower taxes if you own investment properties since these are factored into your return on investment (ROI) calculations.