Thinking about buying an apartment this year? Don't forget there's a reason that the old adage location, location, location holds so true. Finding your perfect neighborhood really is just as important as finding your perfect apartment. Your prospective new neighborhood can determine everything from your property's ability to retain - and gain - value to your quality of life and even how safe you'll feel in your new home.
The nature of your new neighborhood will intrinsically affect the nature of your lifestyle, so it is a crucial consideration when purchasing a home. Think about things like how you like to spend your evenings and weekends, how important it is that specific amenities are within walking distance (or nearby), and how highly rated the local schools are.
A vibrant, lively neighborhood where street fairs and community events are the norm may be perfect for you, whereas a quieter area could be a better choice for others. Think carefully about what your ideal lifestyle looks like, and seek a neighborhood that will support this.
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Buying a property is likely to represent the biggest financial investment you make in your lifetime. And the nature of the neighborhood in which your new home is located has a direct impact on this investment. For example, buying in an up-and-coming area could see your investment quickly increase in value.
On the other hand, buying a property only to see its value decrease due to a new development in the area is not an ideal outcome. Here's a list of the things that typically harm the value of properties in their neighborhoods:
Meaning that it's really important to find out, if possible, whether there are any plans for the construction or development of any of the above facilities, before signing on the dotted line to buy an apartment.
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This is especially important to check out if you're thinking of buying an apartment in an area you're unfamiliar with. Take enough time to look up the crime stats for the area, and have a look at online neighborhood forums to get a sense of how safe the neighborhood is.
If possible, it's a great idea to visit the area at different times of the day, including during the evening. The latter can be an effective means of getting a sense of the neighborhood's atmosphere. Does it feel like somewhere you'd feel comfortable living? Would you feel safe walking its streets? A neighborhood can be very different in the middle of the day compared to when the sun goes down.
Many of the same considerations about the neighborhood also apply to those seeking to rent and those looking to purchase an apartment. For example, the proximity to where you work or your kids will go to school, the nearby amenities and the general 'vibe' of the community will all play a crucial role in your quality of life.
Safety, too, is important to check out, as well as the potential noise level - both of the streets outside and your neighbors in the block. While a rented place doesn't have the same investment status as a purchased property, the neighborhood in which you live, in either case, will have a fundamental bearing on the happiness and convenience of your daily life.
If you'll be renting, don't forget to take out renters insurance. While it's not a legal requirement, many landlords stipulate that prospective tenants must have a policy as part of the rental agreement. Plus, it provides a range of protections relating to your personal possessions as well as personal liability coverage. And the best bit? You can purchase renters insurance online in only a few minutes - and it's probably more affordable than you think.
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It's easy to fall in love with an apartment and be tempted to go ahead with the purchase without fully taking into account the neighborhood in which the property sits. If you know the area well, that's one thing, but if the neighborhood is entirely new to you, then neglecting to undertake proper research could have serious ramifications. Choosing the wrong neighborhood could have a serious impact on your lifestyle, your home's value, and even your safety.
Happily, the internet now makes it super easy to research a potential new neighborhood and find out all the details you need regarding nearby amenities, residents' quality of life, and even crime statistics. Armed with this knowledge, you'll be able to identify not just the perfect apartment but the perfect apartment within the perfect neighborhood.
If you have any questions or want to learn more tips about finding the right neighborhood for you, reach out toJennifer Yoingco, REALTOR®, and her team,The Houston Suburb Group. They'll help you get ready toEXPERIENCE LIVING IN HOUSTON, TEXAS!
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