The Value of Good Neighborhood
When you purchase a home, it is with hope that its value will continue to rise — just like any good investment. Furthermore, you would also wish to see the Value of the Neighborhood to rise correspondingly. In fact, the Value of the Neighborhood plays a vital role in what the home will be worth in years to come. If the Neighborhood goes down in terms of Desirability, so will the market value of the home.
It is therfore, when you're shopping for a new home, it’s important to take the time to get a feel for the Value of the Neighborhood. Here are a few pointers for your consideration:
One way is to simply take a walk, and study the properties. Can you feel the “pride of ownership” in the neighborhood? Well groomed & attractive landscaping should be a clear indication of how the owners value their homes and the neighborhood.
Another way is to look at some statistics: Has the crime rate gone up in the neighborhood? Are there any local improvements planned, such as new parks, community center, library? Is the neighborhood attracting the kind of people you want as neighbors? How does the neighborhood school rank?
As Real Estate professionals, we cannot stress enough for the home buyers to do some homework on their own, prior to making a long term commitment.
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