Neighborhood Nightmares
By Teresa Ambord
Have you ever known someone who bought the perfect house, only to discover that the neighborhood was not as perfect as it appeared? Whether you are renting, or buying, or buying a property to rent out, beware the deceptive neighborhood.
One couple made a hasty move to a new city so the husband could start a job the next day. They arrived at night, checked into a motel, and went apartment hunting. They found an affordable one they liked, and signed a lease that same evening. The next day after the husband left for work, the woman went to the new place and was stunned to find the neighborhood looked very different in daylight. It was full of debris and rusty cars... and they'd signed a six-month lease. They stayed the six months, had their car vandalized twice, and moved out.
Here are a few things to look for:
- Ask the local police department about the crime rate in the area.
- The city council can provide information about schools. Even if you don't have school age children, thriving schools are an indication of upwardly moving property values.
- Talk to a few people in the neighborhood and a few people from outside the neighborhood to determine if it's generally considered a good place to live. Also, buy a local paper and see if that gives you any clues.
- Ask your realtor to run some "comps" for you to see what the selling history is in the area, and whether property values appear to be rising. Get a few addresses of nearby "for sale" houses and ask the realtor how long they've been on the market. If sales appear sluggish, ask the realtor (or another realtor) if the market is slow, or that neighborhood is undesirable.
- Ask your realtor how many rentals, compared to owner-occupied houses are in the neighborhood. Even if you are a perfect tenant it's a sad fact that many people have less respect for a house they are renting than a house they own.
- Do you notice remodeling projects in process? It's a good sign if people are opting to remain in the area and invest more in their homes. It also means people care about their property.
- In many neighborhoods you see new businesses opening up or relocating into the area. Commercial enterprise generally studies a location thoroughly before constructing or purchasing costly buildings. So if there is commercial development in progress or on its way, that's a sign of a vital neighborhood.
- Notice existing businesses to see how they keep their grounds. Landscaping, or at least an effort to be relatively litter-free shows that the stores care because they know the customers care. And those customers will be your neighbors.
- Are necessities such as grocery stores, banks, and pharmacies nearby? If you have to drive out of the area for these things that could be an indication that businesses consider it a risky area. Once again, the police will know.
- What kind of city services are available? Many cities have excellent public transportation systems that are safe, clean, and thriving. It's a good sign if you find out that the local transit system is planning to expand its service.
- Before committing to buy a home or even rent one, drive through the neighborhood on a Friday and/or Saturday night. Also drive down streets that back on your prospective house, since loud music travels. If the neighborhood seems relatively quiet, that's great. If time permits, drive-through on a weekday and weeknight too. It could be that the owners or previous tenants wanted out because of unreasonably noisy neighbors, and you probably don't want to be stuck with them either.
Whatever else you do... do your homework before making a commitment. Your home can't be your castle if it's a source of endless headaches.
For More Information:
