When buying a house, you are not just purchasing, well, a house. You are also getting a piece of a neighbourhood. You are buying into a community. Many home buyers forget this and solely focus on the house. This often leads to regrets which can be tough since a house is not something you can easily get rid the moment you feel you’ve made a wrong decision.
Just how common it is for home buyers to want to leave their homes because of their neighbourhood? A survey showed that almost 40% of respondents indicated that they’d happily leave their current neighbourhood and move to a new one. So, if you want to avoid buyer’s remorse, you cannot take the neighbourhood for granted when choosing a house.
Why does the kind of neighbourhood matter? It is all about safety and convenience. No matter how beautiful your house is, if it sits on a neighbourhood where crime rate is high, you wouldn’t have peace of mind. You would always be worried about the safety of your loved ones and your property.
In terms of convenience, you would want a neighbourhood that offers the amenities you need. If you have children, this means one that is near a good school and perhaps, one that has a community park. In addition, you’d also want a house that’s close to where you work (unless, of course, you are amenable to taking long drives everyday).
The neighbourhood also impacts the home’s value. This is something you should consider, especially if the property is an investment you’d want to sell eventually. Naturally, if your house is situated in a bad location, you can’t expect to sell it for more.
Property taxes vary per location. So, you need to check the property tax rate in the neighbourhood where your target house is located. Doing this can you stay on budget. For this part, it would greatly help if you have real estate agent who knows houses for sale in different neighbourhoods. This way, you’d have various options that meet your requirements and budget.
How do you ensure that you’re buying a house in the right neighbourhood? You have to employ a meticulous selection process, one that’s similar to how you’d choose your house.
You can start off by creating a “needs and wants” list. Do you want a tree-lined neighbourhood which is family-friendly? Do you need one that is near schools or one that’s surrounded by shops and restaurants? How far should it be from your work? Having a list keeps you on track and enables you to focus on what matters most for you.
Get as much information as you can about the neighbourhood. Research about its crime rate, its history and future development plans. As much as possible, don’t just read about the neighbourhood. Check it out yourself. Visit it and walk around to find out if the vibe it has is what you’re looking for. According to a report, over 50% of homeowners who are happy with their neighbourhood choose their homes because they liked the vibe of their neighbourhood.
When visiting, do not just go to key places. Try talking to people who are currently living in the area. Ask them questions about the neighbourhood which could help you in your decision-making process. Also, visit multiple times and at different times of the day and week. Doing this can give you a better picture of how it is to live in the neighbourhood.
Meanwhile, if the house is an investment you intend to sell later on, one of the important things you have to check is if the homes in the neighbourhood hold value. To get this information, you can ask your estate agent about sales trend or check out historical sale prices in the city’s property tax records.
Buying a house in a neighbourhood you like is easy with the help of a professional real estate agent. Call us at 01 495 9020 and talk to our trusted estate agents today!