How to Choose Your Neighborhood
There are so many different factors to consider when selecting a neighborhood: style, safety, amenities, neighbors, commute, school district, facilities, etc. Knowing where to begin can be a daunting task. If you do not perform adequate research beforehand, you may find yourself stuck in a neighborhood ridden with loud neighbors, crime, or odd policies you cannot get behind. Now is the time to explore your options.
Questions to Ask Yourself
First and foremost, you need to explore yourself. You can walk through numerous neighborhoods for weeks on end, but it won’t matter if you can’t figure out your exact needs first. Here are some questions to ask yourself:
• Do you have children or are planning on kids soon?
• What type of home do you want?
• Are you willing to commute?
• Do you want a historic area or new development?
• What does your current neighborhood lack?
• Do you care to walk?
If you can answer these questions truthfully, you’ll narrow down your choices significantly. Not all answers are black and white, though, so take some time and really consider your options first.
The Financial Aspect
Most prospective buyers will focus on the purchase price of their home, but forego the additional expenses of the neighborhood. Taxes, homeowner’s association fees, and club costs could quickly eat away at your income each month. It’s important to factor in the overall cost of living in a particular neighborhood beyond the expense of the home or apartment itself.
Property taxes are another not-so-insignificant cost to consider. Property taxes are based on the total value of your home, and they may increase over time. If the tax increases, so do your monthly payments – should you choose to escrow.
If you’re in the market for a new home in a wonderful neighborhood, contact MDRN Residential soon. We’re available to assist you today!