The adage in real estate is: Location, Location, Location! But what is the right location for you and your family? Another tested and true adage for families is as the school district goes, so goes the neighborhood.
In today’s world of Charter Schools, Private schools and transportation via a phone, where you live is not as critical for good schools as it may have been in the recent past. We will work with you and have you respond to our thought provoking questions on your desired neighborhood. Walkable neighborhoods, privacy? Nightlife or quiet solitude and nearby parks. We will work with you to explore options you have in mind and to consider current and future values of the property or location of your desire.
While Detroit real estate is hotter than it has been in a half century, is city living the right choice for you. Think about City vs.
Suburb vs. Rural
The setting you choose within the city or town you select will affect the amount of peace and quiet you have; your lot size (if you’re buying a house rather than a condo or townhome); primary and secondary education options for your children;
Within a particular area, different neighborhoods will have varied characteristics. You’ll want to pick the one that is the closest fit to your lifestyle and personality – a place where you’ll feel comfortable and where you are likely to get along with your neighbors. If you have kids, you may want to visit the schools you want them to attend.
Also consider the risk of natural disasters such as fires and floods, which can be expensive to insure against but can often be mitigated by choosing your location wisely, even within a higher-risk area. For example, some homes within a neighborhood may have a history of repeated flooding, while others may never have flooded.
If you have or are planning to have kids, school district is a key consideration. Living in a good public school district will save you tens of thousands of dollars that you might otherwise be tempted to spend on private school. And even if you don’t have kids, it may still be a good idea to consider the quality of neighborhood schools when choosing your location in order to maximize the value of your investment.
Proximity to Work
The length of your daily commute can hurt or help your disposable income, quality of life and how much time you spend at home with your family. How long a commute can you endure? Are you planning to stay at your current job long term or do you expect to change jobs? If you plan to change jobs, what are the job prospects in or near the area where you’d like to live?
For most people, safety is a top consideration. You’ll often pay less to live in an area with less security, but you may pay in other ways, such as fear, alarm systems and theft losses. It may also be harder to resell your home or get a good price for it. Buy a home in the safest area you can afford, unless you’re speculating that a currently run-down area will turn around in a few years and you can handle the risk.
Proximity to Family
The best home may not feel very homey if you live too far away from your friends and family. But your friends and family might end up moving at some point, so make sure their proximity isn’t your only reason for choosing a location.
Proximity to Leisure Activities
What do you enjoy doing in your free time? If you have season tickets for a particular sports team, you may not want to live way far from their stadium. If you love to go out to eat, you might not be happy living somewhere with few bars or restaurants.
Once you’ve narrowed down the location factors that matter most to you, it’s time to research that location to make sure you’re getting what you bargained for.
Research the Neighborhood
Facts and statistics are available online through websites, forums and message boards. We can help you but urge you to conduct your own research. What do the crime statistics look like? What is the average income? How many people have a college education? Do the statistics reflect the kind of neighborhood you’d feel comfortable living in? Track down these statistics through real estate websites. Statistics rarely tell the whole story, though, so try talking to current residents and the local police department for additional information.
Visit During the Day and at Night
What a neighborhood looks like on paper and how you feel when you’re in it can be worlds apart. And sometimes little details make a big difference. For example, some neighborhoods have narrow roads, lots of cars parked on the street, no sidewalks or distinctive architectural features that may not suit your tastes. If these things aren’t what you envisioned in your ideal neighborhood.