5 Red Flags to Look for When Moving to a New Neighborhood
Whether you’re a Realtor® helping a new buyer or buying a house yourself, there are a few red flags you should look for in a neighborhood. This advice goes beyond the individual house that is for sale. The area surrounding the property is just as important as the actual home that is for sale. Not only will the neighborhood impact the value of the property you want to buy, but it also directly impacts the quality of life. So spend an afternoon walking the neighborhood before you buy!
Are There Clubs or Colleges in the Neighborhood?
It’s the middle of July and you’ve found the perfect home at a great price so
you buy. Come September you realize the price was low because all of the units
around you are occupied by partying college students. The same goes for a strip
of clubs a few blocks away. Look beyond your own block and consider who might
be living next door.
Is There Any Litigation Surrounding Developments in the Area?
If you are moving to a newly developed area look into other housing projects
completed by the same developer. If 9/10 of your neighbors have a faulty
foundation built by the same contractor I would mark an immediate red flag.
Leaky condos can be the best example where shoddy building materials or methods
lead to years of expensive litigation. Save yourself the trouble and spend a
few minutes researching who built your house.
What About Commercial Properties?
You’re buying a residential home so why should you look at commercial
properties? Look at nearby commercial properties to get a sense of the
community’s overall health. Too many boarded up shops not only looks bad, it
means you have to go further for basics like groceries or a restaurant. A
vibrant community will have few commercial vacancies.
Is There Accessible Parking?
If you have one car and a driveway you can skip this one. For everyone else,
look at the street parking permits and any event centers nearby. Stadiums can
jam up street parking for dozens of blocks, not to mention the traffic. If
you’re coming home from a long day of work, the last thing you want to realize
is that you have to park 5 blocks from home because there is a football game on
at the local college (another reason to see red flag #1)!
What About Zoning?
It only takes a minute at city hall to see if areas around your house have
zoning applications. Changing zoning can be time and cash intensive. You may
think you’re buying into a quiet residential neighborhood until you realize
that the sign at the end of the street was to rezone the nice bungalow into a
nightclub. Save yourself a headache and go for a nice walk in a several block
radius around the house. You get to know your potential area better with a
bonus of some exercise!