For many homebuyers, finding a community with the unique neighborhood features is more important than just finding the ideal home. Since a neighborhood's features affect the quality of life of the residents, it is important for homebuyers to compare neighborhood characteristics before they purchase a home. Matching people with the best neighborhood is the first step.
Most homebuyers like neighborhoods that feature such amenities as large lots, spacious homes, mature tree-lined streets, gardens, pedestrian-friendly sidewalks, ample green space and, most importantly, great neighbors. Moreover, buyers enjoy neighborhoods with architectural conformity and modern homes with open interiors.
But before buying a home, knowing what features you want in your future neighborhood is important. Some homebuyers prefer urban living with easy access to parks, work, school, shopping, dining and transportation. Others favor suburban living in gated communities, with single family homes and easy transportation. Growing families, on the other hand, may want sprawling spacious homes and neighborhoods with safe streets and lots of parks and open space. Outdoor enthusiasts prefer neighborhoods with easy access to recreational facilities, beautiful tree-lined streets, golf courses and a host of neighborhood playgrounds and soccer fields.
Neighborhood Profile
Before selecting a neighborhood, homebuyers should consider creating a neighborhood profile, which is essentially research outlining the key features and benefits of a community. The neighborhood profile contains information and data on a community's history, population growth, housing costs, crime rates, income levels, school information, employment and the age, size and style of homes. A neighborhood profile could also contain data on median household income, top employers, landmarks, shopping areas as well as top restaurants and clubs.
For example, when evaluating housing statistics, look at the total number of housing units and compare the percentage of owner occupied homes versus renters - and also look at the number of vacant homes. Study the median sales value. Are property values increasing, decreasing or stagnant?
Other important neighborhood profile characteristics include density of buildings, school quality, the proportion of families with children, the ages of persons in the neighborhood, ethnic and racial makeup, educational levels, languages spoken and types of careers of those living in the neighborhood. Compare schools and look at the number of private versus public schools. Even if you don't have children, schools are an important issue for resale and should always be taken into account. Check for zoning laws and neighborhood fees (like homeowners' association dues) so as to not be surprised by fees that you had not budgeted for.
Look at the crime rate and any possible trends upward or downward. Study the income levels and the age distribution of the neighborhood. By creating and analyzing a community profile, you will have a better understanding of the neighborhood and the data will give you a snapshot of the community.
You can create a custom neighborhood profile and search for neighborhoods that best match your profile using RealtyTrac's Neighborhood Search.
