First Time Home Buyer: Part 5 of 8

Choosing the neighborhood for your home!

Buying a home is an investment in the neighborhood as well as the house. In fact, the character and amenities of the neighborhood may be as important to the property value as the house itself. No matter what kind of neighborhood you're looking for, it's important to know its history and future when you decide to buy.

Here's what to research:

1. Recent sales - Find out if the market is slow and what homes have been selling for.

2. Homes now for sale - What homes are listed in the area, and are they listed above past sales? This will give you a good idea of the area's overall market value.

3. Home appreciation - Historical data on sales gives the best indicator of a neighborhood's potential. Are homes appreciating at 3%, 5%, 10% or higher every year?

4. Schools - School scores and district boundaries are very important to research before moving into a neighborhood. The closest school is not always in your district, and school scores reveal if a neighborhood is invested in the schools' success.

5. Crime - Get the hard facts about any problems in the neighborhood -- don't depend on anecdotal information.

6. Demographics and growth - Find out how the area is growing and changing.

7. Community -- Learn about neighborhood features, such as public schools, shopping areas, parks, commuting options and more.

We can help you with this information-please give us a call or email us any questions you have. You'll find that the more you know about the neighborhoods you're considering, the easier it will be to narrow your search for your new home.

Buying a neighborhood/ community!

When searching for a new home, don't forget one of the most important considerations: location, location, and location.


Because the neighborhood/community in which you live affects your life in many ways--including your children's education, travel time to and from conveniences and work, the level of comfort you feel with your surroundings, the future value of your home investment and many other factors--we suggest that you focus on a neighborhood/community before you search for a specific home.


Working through your Realtor, explore the personalities of the neighborhoods/communities in your price range, before narrowing your search down to individual homes. Take the time to research the schools, driving times, available conveniences, the social and professional make-up, value trends, etc. Be sure you choose to view homes only in neighborhoods that fit your personality and life style. This will ensure a happy end result!

Tips for Investors!

Here’s some advice for potential investors:

* Buy in a familiar neighborhood, near where you live, work or go to college.

* Research the area thoroughly, identifying potential properties and other business opportunities.

* Observe trends, costs, vacancies, and potential appreciation.

* Assess your own skills. If you have to hire out maintenance, costs will hit the bottom line.

* Start small. A single-family home or a duplex is a good beginning. Plan to hold it for at least three years.

* Avoid foreclosed properties. They are complicated to buy and they aren’t a guaranteed deal.

* Be pre-approved for financing. Most investment property loans require at least 10 percent down.

* Remember, dealing with people is key, so hold onto your sense of humor.

Source: Star-Tribune, Lynn Underwood (10/20/07)


CONTACT ME for assistance with RICHMOND REAL ESTATE

Mohamed Mekhimar
Realtor®, Accredited Buyers Representative
RE/MAX Commonwealth
mekhimar@remax.net
(804) 243-0605 Cell
(804) 288-5000 Office
(804) 288-8989 Fax
http://www.richmondvahomes4sale.com
Licensed in the Commonwealth of Virginia

By the way...if you know someone who is interested in buying or selling real estate in the Richmond Virginia area and surrounding counties, please call me with their name and phone number. Thank you!