5 Tips for Finding the Perfect Neighbourhood

Finding the perfect house or apartment is difficult enough on its own, but throw in the pressure of choosing the correct area to live in, and you've got yourself a stressful set of choices to make.

Choosing a neighbourhood may be difficult if you're new to a place, but even long-term residents often struggle with it when it's time to purchase, despite easily accessible tools like real estate virtual tours. Would-be homeowners may have a favourite area, but rising costs have forced them out of their comfort zone. The frugal shopper asks, "What can I truly afford?" Which ones will prove to be worthwhile investments? Where will I (or my family) be satisfied?

It takes time and effort to find a suitable match in your chosen community. Buyers should be prepared to research whatever data they can get their hands on, including asking and selling prices, as well as the absorption rate of the community. You'll also have to hit the streets to see what's going on in real life, such as the new coffee shop around the corner or the status of the local bus line.

Here are a few pointers to assist adventurous homebuyers in locating the ideal area that they can call home. Take a look!

1. Start with an Open Mind

Before you begin, try not to rule anything out. If you take into consideration an express bus, a neighbourhood you may have rejected on a visit may be a terrific location to live, or a part of the city you previously believed was at the end of the world might be closer than you believe.

1. Know Your Budget

Knowing your budget may seem obvious, but it's easy to lose sight of your financial limits during the early stages of the home-buying process. You'll want to work with a broker and a mortgage specialist to break down your earnings so you know precisely how much you can spend. A skilled broker can help you find communities that fit your budget once you've decided on a down payment and purchase price.

1. Study Local Pricing

After you've identified various neighbourhoods, look at the current and previous prices in apartment complexes and residences in the area. You simply need to look at pricing from the last two or three years to get a good idea. Don't simply look at neighbourhood average sales prices; look at price appreciation for recently sold houses and how much houses are selling for above or under the asking price. Request market reports from local brokerage companies, which frequently break out this information on a quarterly basis.

1. Assess the Existing Amenities

Access to public transportation, whether by rail, bus, or bike lane, is a crucial consideration. Another benefit is access to greenery and open space, whether in the form of a nearby park or a short walk to a coastline; if you have children or plan to have them in the future, look into local playground possibilities as well. It's also a good indicator if the area has a mix of residential streets, communal gardens, and commercial corridors. Although more cheap areas may lack fully constructed commercial areas, the presence of existing grocery stores, small eateries, and, yes, coffee shops, is typically an indication of more to come.

1. Take a Walk

Don’t just take a walk, pay attention to the details. You'll learn a lot just by walking around the area. You may assess if an area is a suitable fit for you and your family by walking about, shopping, and chatting with people. Take your study to the next level if you think you've found a neighbourhood you like. Try riding public transportation during your typical commuting hours to see how dependable it is (both to and from work). Examine the local news to see if any major municipal projects are scheduled in the near future, as well as whether the city has announced any intentions to invest in parks or green space in the area. Keep an eye out for any proposals to rezone the area to allow for new construction. Is there a school board, a block organisation, or a community board already in place, and what are their concerns?

So, there you have it – 5 tips for you if you’re thinking of moving and can’t decide on a good neighbourhood. It's important to figure out if you want to live in the house or in the community. You have a few alternatives if you love the area but the property price is too expensive. To begin, look for a smaller house in the region that you can afford. If that isn't a possibility, look through your "must-haves" list and see if there are any amenities/finishes/etc. that you are ready to sacrifice in order to locate a property in that community.

You can also try opting for virtual site visits which will not only help you look at various neighbourhoods and properties at once but also keep you informed about the real estate market conditions, from the comfort of your home. Once you shortlist a property or a neighbourhood, you can go and see them personally at your convenience, after discussing your options with your agent.

A digital marketer & content creator with an extensive experience of 7 years working with my passion.