Neighborhood Considerations for the Buyer

You've heard it before. When choosing your new home, consider three important factors: location, location and location. Choosing a home you can afford in a desirable location is a wise choice, both from a personal and financial perspective.

Keep in mind that the neighborhood is part of what you buy when you purchase a home. Find out where the neighborhood is going – and where it's been. The property value of houses in the neighborhood can tell you a lot, as well. Ask your GMAC Real Estate agent for a Comparative Market Analysis.

Remember, if you're looking at a well-regarded, established neighborhood or an up-and-coming one, you may find it worth the extra money you'll have to put into the purchase of the home. On the other hand, if the neighborhood is past its peak, you may want to lower your offer accordingly.

Either way, your GMAC Real Estate agent  can help you negotiate fair market value for the home you want.

Get to know the neighborhood
You can learn a lot about the character of a neighborhood by simply driving around at various times of the day, evening and weekends. Also consider talking to some of the neighbors about concerns such as:

• How do the children routinely reach their schools, play areas and friends' homes–by walking, bicycle, bus or do parents drive them?
• Is public transportation available for commuting or shopping?
• How far away is your place of worship?
• Do any local ordinances affect pets, parking, lawn care or other activities?
• What are the disadvantages of the neighborhood? Highway, railroad or airplane noise? Factory pollution, heavy traffic, exposure to heavy storms, possible flooding?

Beyond talking to the neighbors, here are some additional avenues for information:

• Drop in on local school board, government or other open community meetings.
• Visit the schools.
• Dine and shop in local establishments. (Tip: Be sure you overhear what the locals have to say about issues of neighborhood concern.)
• Subscribe and read the community newspaper(s).
• Ask your agent. S/he has excellent resources to share.

Buying a home requires a lot of introspection. Use these questions as you consider what type of community you'd like to live in and be sure to share your answers with your Real Living agent:

Which type of living do you prefer?
Urban Suburban Semi-rural Rural

Which type of population density would you prefer?
Low Medium High

Would you prefer a community whose population is:
Decreasing Stable Increasing

Which natural features are the most important to you?
(Check all that apply.)
Woods Hills Flat land Rivers
Lakefront Stream Pond

How do you commute to work?
Walk Drive Car pool Taxi Bus Train

What's the distance of your commute?
0-5 miles 6-10 miles 11-20 miles 20+ miles

What's the maximum amount of time you'd be willing to have for your morning commute?
Less than 20 minutes Under 30 minutes 1 hour

Would you use available public transportation for local trips or to visit nearby communities?
Yes No

Would you like to live near public transportation?
Yes No

Where do you prefer to shop?
Central commercial districts Shopping malls Community shops None, I prefer home delivery

Which type of school do you need now or in the next few years?
Elementary Middle/Junior High Senior High
Community College College/University

Which amenities would you desire to have nearby? (Check all that apply.)
Recreation Entertainment Music Movies
Live Theater Sports Arenas Museums Nightlife
Public Parks Private Country Clubs Fraternal Groups

Finally, as you refine your home search, request a free Buyer Market Analysis from your GMAC Real Estate agent. This information-packed profile of specific communities (or with a side-by-side comparison of any two communities) lets you consider schools, neighborhood amenities and demographic profiles.