How To Choose The Right Neighborhood To Live InJuly 3, 2018
Are you considering investing in real estate and want to get the maximum return, want to settle down and finally buy a house, find a job in another city and need to move to a new apartment? Or maybe you are still house hunting?
Buying or renting a home is an important decision that will change your life in one way or another. Although the risk factors to take into account in each case are different, there is a vital element in any type of real estate decision you are about to make: the neighborhood in which the home is located.
Choosing a good location can become as important a factor as finding a good property. Put into practice the following advice offered by askalo’s team of real estate experts so that the neighborhood of your dreams does not end up becoming a nightmare:
1. Think before you act
Take a moment before you start looking for the house and area of your dreams. Reflect on your possibilities, your needs and your expectations. In the event that you are going to invest in an apartment to rent, think about the type of tenant you want to have and put yourself in their shoes. Be realistic:
Is it better to have a property in the suburbs of the city or one in the middle of the city?
Do you prefer a quiet area or a busier one?
Would you like to live in a community that is very close or do you value privacy more?
What kind of neighbours would you like to have: young families, students, elderly people, a little bit of everything…?
Is it important to you that the most basic utilities are within a 5-10 minute walk or do you have a car?
2. Safety comes first
Whether you live alone, have a family and only want the best for your children or are a student who is often late home on weekends, safety is a key factor for everyone. The same applies to your potential tenants if you plan to purchase an apartment as an investment.
A quick Google search will help you get an idea of the incidence of crime in different states, municipalities and quadrants within a city. Check intentional homicide, kidnapping and extortion rates, as well as robberies with and without violence. This way you can avoid the most troubled areas, especially if you are new to an unfamiliar city.
To find more specific information about specific areas within a city, you can contact the public safety agencies in your state or municipality. Similarly, there are citizens’ initiatives that offer free online information on crime rates in different sectors of a city.
3. Infrastructures and services
Use Google Maps to scan your favorite areas. This way you can make sure that they have the infrastructure and services that best suit your needs (or those of your future tenants):
Are there supermarkets nearby? Are there shops and restaurants nearby? These basic amenities are important even if you have a car or are targeting a type of tenant who probably has a vehicle: No one likes to have to drive alone to buy the only ingredient they need to prepare dinner.
Does the neighborhood have playgrounds such as parks and gardens? This is especially important for people who have children or pets.
You may already have a family or you may want to start one in the future. If you are thinking of renting the apartment you are going to buy, it is likely that your tenants are families or people with family aspirations. In both cases, it is very important to confirm that the area has good schools. Keep in mind that you can even ask for references on the Internet, if necessary.
Also, if you plan to turn the property into a shared apartment, ask yourself: Is it an apartment that is close to a college, library, or an area that is popular with young people?
Last but not least, it confirms that the area is well connected to the most important points of the city (downtown, shopping areas, truck station, hospitals, airport, etc.).
4. Average house price
You already have the answers to the questions we discussed at the beginning, you have consulted the rates of crime incidence and you have seen which areas have the best infrastructures.
We have good news: You’re getting closer and closer to finding the area of your dreams! What’s more, you already have in mind some areas that might fit your needs and meet your expectations. Now it’s time to be realistic, because it’s not.