Choosing the right neighborhood

May 9, 2011

 

For most people buying a home is not just about finding the right home in terms of size and style, but also finding that right home in the right type of neighborhood.

 

While finding the right area is the result of a number of factors, Freddie Mac has listed a few basic concepts to keep in mind.

 

Location

 

One of the largest concerns for those looking to buy a home is where that home is located. For some families, it's important to be within a short drive of friends and family, while others are concerned with the length of their daily commute.

 

Freddie Mac says it’s important to go over any of these concerns and narrow a home search down to just those places that make sense in terms of location.

 

Amenities

 

It's also important to consider what amenities and attractions an area may have, says Freddie Mac. For families with children, the quality and location of area schools becomes of paramount importance.

 

Depending on home buyers' specific needs and desires, close access to public transportation, hospitals, restaurants or other services may also be necessary.

 

Think about the future

 

Freddie Mac says it's also important not just to consider what an area looks like at the present time, but also what it may look like in the future. If there is a great deal of new construction in the works, the neighborhood is likely to grow dramatically.

 

In addition, any other projects which are underway nearby, such as a new stadium or shopping mall, may also change the neighborhood significantly.

 

Resources

 

However, for many of these factors, it may be difficult to get a good feel for a neighborhood just by driving around. Freddie Mac says there are a number of resources prospective home buyers can turn to, such as a local real estate agent.

 

Because real estate agents are constantly working in the area, an agent will have a good idea about many things that have happened or are scheduled to take place in a particular location. Searching the archives of local newspapers and other media outlets online may also be a useful way to keep abreast of any recent developments within a community.

 

In addition, Freddie Mac recommends speaking with people already living in the area, since they will be able to offer a different point of view. They may also become a potential home buyer's new neighbors, so it's also an opportunity to meet them ahead of moving day.