There are many factors to consider when choosing a neighborhood – you don’t want to end up regretting your decision.
If you’re looking to buy a home, it’s essential to ensure you’re doing so in the right neighborhood. Just because a home is affordable or looks like a great deal doesn’t mean it’s the right choice for you. There are many factors to consider when choosing a neighborhood, and if you’re not careful, you may regret your decision down the road.
The Better Rate Mortgage team offers a variety of mortgages, including fixed-rate and adjustable-rate mortgages and government-backed home loans. Contact us today to learn more!
High Crime Rate
Nothing affects the value and desirability of a neighborhood more than its crime rate. As such, it’s best to steer clear of areas with high crime rates. If you make the mistake of buying a home in a high-crime neighborhood, you can expect your home’s value to drop over time. Not only that, but you’ll also have a tough time selling your home if you ever decide to move.
An Army of “For Sale” Signs
Unless a neighborhood is in the process of gentrification, an abundance of “For Sale” signs is usually a sign that the neighborhood isn’t desirable. The property values have likely plummeted, and there’s a good chance they will continue to decline.
The Neighbors Seem Unfriendly
If the neighbors seem unfriendly or don’t seem to want you there, it’s probably a sign that you don’t want to be there either. A friendly, welcoming neighborhood is key to feeling at home in your new community.
Surrounding Homes Aren’t Well-Maintained
No matter how nice your home is, it will always look bad if run-down houses surround it. This is especially true if the problem affects a large percentage of homes in the neighborhood.
There Aren’t Any Sidewalks or Parks Nearby
If there are no sidewalks or parks nearby, it’s likely that the neighborhood isn’t well-maintained and is unsafe for pedestrians and children.
The Neighborhood Is Too Quiet
This may seem like an odd one, but if the neighborhood is too quiet, it’s likely because there’s nothing to do there. And if there’s nothing to do, it’s probably not a desirable place to live.
Conversely, if the neighborhood is too noisy, it’s likely because there’s a lot of crime. And as we already mentioned, a high crime rate is something to avoid when looking for a new home.
The Property Values Seem Too Good To Be True
If the property values seem too good to be true, it’s usually because they are. When a neighborhood is in decline, the property values will inevitably decline. So if you’re looking to buy a home, be careful not to get caught up in the hype of a falling market.
It’s Not Close to Your Work or School
Another sign that you may be looking to buy in the wrong neighborhood is if it’s not close to work or school. You’ll likely want to be close to your job and your children’s schools. So if the neighborhood you’re considering doesn’t meet this requirement, you may want to keep looking.
There you have it! By recognizing the signs of a bad neighborhood, you can avoid making a potentially disastrous investment!
Contact Better Rate Mortgage
Are you in the market for a mortgage? If so, be sure to check out Better Rate Mortgage. We offer a variety of mortgages, including fixed-rate and adjustable-rate mortgages and government-backed home loans. Contact us today to learn more!