Reasons to buy Real Estate Do Not Change over time, 

If This will be your Personal Home Consider:

The quality of neighborhood you want to live in  

The property values of the homes in the immediate neighborhood

Recent Sales History and Failed Resale attempts 

The pride of ownership of the immediate square mile

Schools available to the neighborhood

Density of houses per square mile

Traffic Volume, Speed Limits and Types of vehicles

Proximity to shopping and other desired locations

Public Recreation

Space for walking and Bicycle Riding

The WalkScore which rates all locations proximity to services and recreation

 

Consider my Monthly Commentary on Market Condition in Greater New Haven, Connecticut

 

If this will be an Investment Property Consider:

The Income versus expenses of the property

The quality of tenant who will want to live in your property

The quality of comparable rental property in the immediate area

The ratio of Owners to tenants in the neighborhood

The density of the building and neighborhood

 

 

 For Any Property Consider the Community Strengths and Weaknesses

PUBLIC WORKS- Many towns and cities are having to cut back on the public services. Drive through your new neighborhood, and then through the town. Go to a city council meeting. Visit the town clerks office and get a schedule of scheduled public meetings. Type the name of the town and Bond Rating in a search engine.

MUNICIPAL FINANCES- Look carefully for clues of financial trouble. Are the streets clean? Are the streets in good condition? Are parks in good condition? Is the grass cut? Litter on the streets? Boarded Buildings? Trendy Walker friendly town center? Bike Lanes?  Friendly walk in businesses? Vacant Storefronts? Check the library. Have they cut their hours recently? When? Why? Ask the librarians about the neighborhood and town.

SCHOOLS The quality of local schools is a huge issue. Schools  matter simply because when it comes time to sell, buyers will look at schools  as well. Research the local schools using sites like GreatSchools.org. or the Connecticut Dept of Education  Strategic School Profiles. Attend a PTA meeting or go to a school at dismissal time to meet and talk with local parents. Say "I am thinking about moving my family here, how do you like living here? How long have you lived here?"

NEIGHBORS-Talk to your potential neighbors. You'll be living next to these people. Having great neighbors can make a neighborhood special,  so find out how they like living there. If they seem unhappy or ready to move ask them to be honest about the neighborhood.  What do they like? What do they wish was different?

Commercial or government enterprise whose immediate proximity keeps the value of your property down:

Power Plants  

Registered Sex Offenders

Delinquent Bill Payers

Foreclosed Homes

Poor Landscaping or Debris on Property.

Closed or Poorly Performing Schools.  

A geographic factor can affect the current and future value of a property:

Dangerous Intersections

Corners and T Streets    

Environmental Brownfields

High Power Lines

Flood Zones

 

 

How will you decide?