You’ve probably heard it before – location is key when it comes to real estate. Choosing the right neighborhood can be vital to the satisfaction you have with your home, as well as your property’s overall value.
Even with a general area in mind, it can be challenging to narrow down your options. So, how do you make the right decision about location? Here are a few guidelines you can follow.
Consider Your Budget
Cost is a driving factor for many families. Before you begin looking at home’s and areas that may not be in your budget, fully assess your situation.
You should not only create a budget that includes your mortgage payment but also other expenses such as property taxes, insurance, and any homeowners association (HOA) fees.
Once you have a budget in mind, get pre-approved for a mortgage so that you’ll be ready to make a strong offer if you find the right home in your ideal neighborhood.
Research the Market
Now that you know how much you can afford to pay for a home, you can narrow down your list of neighborhoods even further. But, remember, some areas have a wide range of homes at different price points, so you may not be priced out of an area that you love.
When you do have your short list of neighborhoods, research the property values thoroughly. Are they going up or down (down is bad)? This is something you and your real estate professional can work on together.
Does it Fit Your Lifestyle?
One of the most important factors in choosing a neighborhood is lifestyle fit. If you’re going to be comfortable and happy, it has to fit your needs. For example, are you looking for someplace that will value your privacy or a family-friendly area with tons of get-togethers? Do you mind a mixture of single-family and multi-family homes or want a strictly white picket fence culdesac?
There are some other essential factors that you may wish to consider, that might also impact resale value. These include the quality of the schools in the area, the proximity to services and amenities, and access to public transportation.
Watch for Any Red Flags
When you buy a home, you are also buying into a neighborhood. Knowing this, you should take a close look around and be on alert for any potential red flags that might impact your experience or the value of your home in the coming years.
Some examples of possible red flags in a neighborhood are a high level of foreclosures, new major roadway or highway construction in the area, and unexplained high crime rates.
Whether you’ve already found the perfect neighborhood or need some guidance, The Lafayette Team can help. Our group of knowledgeable and successful residential real estate professionals have more than 17 years of combined experience helping clients find the home of their dreams in the Lexington, SC area.
Contact us today to learn more about how our personalized services will fit your needs and goals.