Here are some tips on how to evaluate a neighborhood well!
1. Drive Around
- Does it look like a place you’d like to live?
- Is it near places you’d like to go?
- Is it too near places you’d like to avoid?
- What will it be like at commuting times?
- What is it like at night?
2. Quality of Schools
- What is average school performance?
- Average test scores?
- College bound percentages?
- Spending per student?
- State rankings?
- Financial position?
3. Education/ Income Profile
- Average household income in the area?
- Education level of most people in the neighborhood?
- Types of occupations other owners have nearby?
- Are there families with kids or people who are retired?
4. Cultural Amenities
- Proximity to museums, galleries, universities, seasonal entertainment, theaters, etc.
- Even if you don’t frequent them, they set the tone for the area.
5. Property Values
- Steady or increasing values generally mean that your investment is sound.
- It is almost always best to buy the smallest, least expensive home in the best neighborhood you can afford.
6. Future Growth
- If you are not planning on staying in your new home for a number of years, an abundance of new construction could affect resale.
- The existence of higher-end properties could increase the value of yours.
I hope these steps for how to evaluate a neighborhood were useful!
Always seek the assistance of a real estate professional for your neighborhood evaluation!
Thinking about making a move? Contact Natalie today, 949.929.5727.