Buying a house is likely to be the biggest investment you will ever make. Therefore, it is vital to make sure you do not end up regretting your purchase. That means carefully weighing up many factors before you buy, one of which is choosing the right neighborhood. You may have to make a compromise between choosing the ideal home or the neighborhood.
How much you have to spend will be a big factor in where you can live or what type of home you can buy. Unless you are extremely lucky, you are most likely going to have to borrow some of the money you will need to purchase. It will save you a lot of time if you establish how much money you can raise. You can check out loan offers on this page.
Be clear on what you want
You cannot be sure of making the right decision unless you know what your preferences are. Before you begin searching for a new home, spend time working out what factors are most important to you. Write these down, and then prioritize them, perhaps ranking them from 1 to 10. There will be some things that you do not want to compromise on, while others can be assigned to a ‘Would like to have’ status.
With your list drawn up, you will see whether factors related to the house are ranked higher than factors related to the neighborhood, or vice versa, and that gives you a good starting point. However, you need to do some thinking outside the box before moving ahead.
For example, your list of priorities may have you focusing on neighborhoods that are close to local nightlife because having fun plays an important part in your life. You need to ask yourself will that always be the case. If you have children at some point in the future, peace and quiet may be more important than proximity to the nightlife, and you may start regretting your purchase.
Your list should also include desirable neighborhoods. Eliminate the ones that are out of your financial league. Then do some research on what is left. Don’t settle for a quick drive through the neighborhood. Spend time there getting to know it. Look for online comments or articles about the neighborhood. You can check out crime statistics in the area, for example.
You cannot change the neighborhood
If you end up in a good neighborhood, your life is likelier to be happier and healthier. One survey, conducted by the University of Michigan, showed that people who live in good neighborhoods show a considerably reduced risk of heart attacks.
Maybe you will have to compromise on the style or size of house you want in order to pick a good neighborhood, but you can do a lot to improve your home. You may even be able to make it bigger if you have outside space. You cannot do anything about the neighborhood. You are most likely going to be stuck with anything that you do not like.