Trying to choose the right neighborhood for your family can seem like an overwhelming task. However, there are a few things that you need to keep in mind when choosing your home so that you don’t get yourself in some unwanted debt and be forced to stay in a neighborhood where you aren’t happy. These five things will help you make the best decision for your family.
Crime Rates
Before you move into a neighborhood and generate some debt on the property, make sure you check out the crime rate in the area. Everything from petty crime to violent crimes are rates that you shouldn’t ignore. If there are high petty theft and burglary rates compared to other neighborhoods, you may want to pass. Even hit-and-run crimes in the area can give you an idea about the community. Throughout the country, there are approximately 700,000 hit-and-run accidents annually. If there is a high number near your neighborhood, you may want to look in a different area.
Outdoor Space
Outdoor space has always been important to most homeowners, and if this is something that you enjoy having, then you need to investigate neighborhoods that offer these types of spaces where you can allow pets and children to play, or entertain if that is your prerogative. In 2017, at least 40% of homeowners were entertained in their outdoor space. If this is a priority for your family, make sure that you look at homes that have the largest spaces.
Newer Construction Homes
Some homeowners are seeking out communities with newer construction and made with materials that have safety measures in place. There are some risks you run with older homes in neighborhoods, such as potential house fires that could leave you homeless and having to start over. Approximately 30% of recorded fires occur in residential buildings, including older homes.
Newer construction also comes with a warranty that will protect your home in these cases, and some older homes may not have that. Newer construction doesn’t eliminate the concern about house fires, but it is easier to manage and reduce the damage. This could reduce your overall debt when it comes to restoration and replacing property in the home that was damaged.
Schools
If you are a family with school-aged children or planning to start a family in the future, then you will want to check on the quality of schools in the area. This means that you will be looking into the school grades of the state. Most real estate websites will have this information listed, or a source that will link to the schools in that attendance zone. For some families, this is enough to select certain neighborhoods and view mortgage debt as an investment in their child’s future.
Commute
If you have a job that you need to commute to regularly, that will also play a role in the neighborhood that you are considering. Depending on where you work, you may want to choose an area that is closer, reducing the amount of time you have to get to work, shopping, and restaurants. If you aren’t satisfied with the local neighborhoods that surround this area, you may have to slowly peel back to look for a neighborhood a little further out.
For some, a commute isn’t that big of a deal, and getting a nicer home that comes with less debt may be worth the drive. You may also find that there is more privacy in neighborhoods further away and gives you that peace of mind that you may be striving for in a neighborhood.
Are You Ready To Start Your Search?
Before you land in a neighborhood, make sure you take these five things into consideration before you sign off on a mortgage loan. It is important that you find an area where you are happy to assume the debt on a property, and will be comfortable for everyone in your family. These things will help you make a sound decision so that you can move into your new home.
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