Buying a home in a neighborhood that fits your lifestyle is essential. If your new neighborhood doesn’t meet your needs, the choice can cause headaches for years.
The location of your home makes a significant difference in the quality of your life. With a competitive housing market, you might need to expand your home search, but how do you decide which neighborhood is right for you?
Experts recommend creating a checklist of neighborhood features you value the most. To help you narrow your choices, consider the following:
Schools and commute
If you have children or if you’re planning to start a family, evaluating the quality of the school system is usually at the top of the must-have list. Homes located in quality school districts improve your home’s resell value.
The best place to start is by visiting the school district’s website for information about graduation rates and test scores.
If you commute to work or other locations daily or even a couple of times a week, factor in travel time to these locations at different times throughout the day, including heaviest traffic times.
Neighborhood amenities
Think about different elements of your lifestyle and how the ideal neighborhood can complement your needs.
Cheryl Moore with Core Homes: “If you have children, you might be drawn to a neighborhood with a pool, community green spaces, playgrounds or close to parks. Streets with stretches of level grade are great for bikes and scooters. Older homebuyers also appreciate walkable streets for convenient exercise. Lifestyle amenities such as a peaceful lake setting or a close-by golf course are big draws for people who are empty-nesters or are retired.
“We’re always happy to help our prospective homebuyers find just the right community and home for their family.”
HOA fees, property taxes
As a future homeowner, you’re responsible for paying for more than just your mortgage. Depending on what city or county the neighborhood resides in, the property taxes you pay might vary.
Ask your real estate agent about the current tax rate and how much it has increased in the last several years. You’ll want to factor the amount into your overall budget.
Also, many neighborhoods have HOA fees to maintain common areas, such as a pool or nearby park. These fees vary. Depending on where you decide to live and what type of home you purchase, you’ll have to pay a monthly or annual fee.
Age of development
If you’re a younger family, a newer development might provide the chance to meet other families that share your life experiences and interests. On the other hand, older developments will have more mature landscaping and bigger lot sizes.
An historic neighborhood rich with character might have one-of-a-kind curb appeal but an older home might also require a significant amount of repair work.
To get started on finding a community that’s the right fit for your family, visit the Home Builders Association of Greater Chattanooga’s member directory at www.HBAGC.net.