By Hard Money Russ
Maybe you have been relocated to a new city for work or are starting a family and want to find the ideal community to raise your kids.
Whatever the reason, finding the right home starts with finding the right neighborhood.
Analyzing the correct macro trends will help you determine the correct fit for you and your family.
Below we discuss key factors you should take into account to ensure your family is happy and you are making a wise long term investment.
Purchasing a home in an up and coming neighborhood will often times get you better bang for your buck.
While these neighborhoods have not yet reached their full potential, it's a good place to find a diamond in the rough.
To identify these up and coming areas, look for the following factors:
Identifying appealing neighborhoods should be the first thing you do when shopping for a new home.
You will want to look for neighborhoods with the following:
Google Maps can help you get familiar with an area but can only do so much.
We recommend driving around and making some weekend trips to become acquainted with a neighborhood.
There is nothing like real experience to understand if you will enjoy living there.
These sites will give you a great feel for the range of properties and prices available in an area.
Good metrics to look out for are properties with a similar cost per square foot and the same number of bedrooms and bathrooms.
Keep in mind the price per square foot is typically higher on smaller homes versus larger homes. The same goes for newer homes versus existing homes.
These online portals are a great start to get a feel for the market of any neighborhood.
Analyze the demographics of the neighborhoods that fit your criteria.
For example, if you are looking to buy in a neighborhood for your family, are there more renters than owners?
If there are more renters you could have a higher turn over of your neighbors, in essence not giving you a community feel.
Likewise if considering purchasing a rental, be sure to look at the median income of the neighborhood.
It's important your tenants earn enough to make the rental payments.
NeighborHoodScout is a great website to find this data.
Protecting your family should be a top priority.
Ask around the neighborhood to see if there are neighborhood watch groups.
These groups are great for crime prevention and also give an indication of a close knit community.
Visiting all these websites will only give you so much information.
Nothing beats boots on the ground and direct experience in terms of your sentiments towards a neighborhood.
Drive through the neighborhood at different times of the day to see who’s out and about.
Stop to talk with residents and see if they are the kind of people you would like to live around.
A community after all is a collection of people with similar values and you should feel right at home.
- 10 Cities for House Flipping in 2020
Choosing the right market is everything. Review the 10 hottest markets for home flipping in 2020.
- The BRRRR Strategy
The BRRRR Strategy is something every fix and flipper should know about.
- What is ARV in Real Estate?
ARV stands for after repair value and is the most important metric to understand when flipping houses.
- Do you need fix and flip financing?
We are a trusted fix and flip lender, servicing all property types across America.