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Neighborhood Evaluation Guidance

January 11, 2016

From Loan Officer Shellie Kersey

From Loan Officer Shellie Kersey

Selecting a home is about more than the individual property. Every neighborhood has a particular sense of community, activities, and other offerings. Several factors should affect your decision to buy a property. This blog provides neighborhood evaluation guidance.

What to Know

About the Schools

Every neighborhood belongs to a particular school district which can differ in ranking. Understand the school zone boundaries before purchasing a home. School statistics can typically be pulled up on the Internet. You can call schools for up to date details or to plan a tour.

Local Trends

Location is always the most important factor for real estate. Review the home prices in the specific area as it may differ from others and from the general town. Median sales price, sales volume, and length of required marketing time can give you an indication of how desirable the area is and how quickly homes there move. A local real estate broker will provide you with this information. Evaluate not only information for the current year but also for past time frames.

Neighborhood Amenities

Take the time to drive through a neighborhood. Find the local amenities such as parks and shops. Visit at different times of the day to review traffic changes. Note the maintenance of neighboring houses. Look up local crime rates on the web and by contacting the police department. Communicate with neighbors as they generally offer information not available from public sources. This can all give you a good picture of the area prior to making a real estate purchase.

Rules & Restrictions

Review the deed and other public records for a home and look for any covenants, restrictions, and charges. If you have particular plans for the home, look for limitations specific to those repairs. If in a neighborhood with private roads or features, ask about annual dues and how often they may increase.

Potential Projects

Research the town and the particular neighborhood on the Internet. This may reveal any recent news or records publicly available. Look specifically for any contested changes or other news that can affect the quality of life. Neighbors can also be a useful resource for this.

Additional Neighborhood Evaluation Guidance

Buying a house is a huge investment. Understanding the items above may better educate you on that investment. Hire a local real estate broker for guidance on particular neighborhoods and for more neighborhood evaluation guidance. Utilizing the services of a real estate agent can also make real estate purchasing easier. This blog was prepared by Guaranty Mortgage.

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