Thinking as an Investor: How to Scope Out the Perfect Neighborhood
Buying the right property is more than just finding a "nice house"
Looking for a new home to live/invest in? Real estate investing is not just about the houses but just as much about where it’s located. Let’s cover some key points ranging from safety stats and schools to the local vibe and future growth. This should help you build more understanding of what formula makes for a solid investment.
Crime Rates: Safety First
Low Crime Matters: Feeling safe isn’t just nice, it’s necessary. A neighborhood with low crime means it’s more desirable to broader base of tenants and better property values.
Finding the Facts: Check out websites like Spot Crime or Neighborhood Scout for the lowdown on local safety. They’ve got stats and demographic information to give you data.
Reading Between the Lines: Don’t just look at the numbers; understand what they mean. Chat with locals and neighbors and a local realtor to get a fresh view.
School Scene
Schools and Your Home’s Worth: Great schools aren’t just good for learning; they make neighborhoods more desirable and can boost your home’s value.
School Research 101: Check out sites like GreatSchools.org to see how local schools measure up.
Think Big Picture: It’s not just about elementary schools. Make sure the whole educational landscape, from middle school, high school to college, is solid too. This will continue to open the potential for tenants.
Road Safety and Traffic Flow
Road Safety Check: Look into traffic patterns, school zones, speed limits, and crash stats. Are there sidewalks and safe spots to cross streets?
Daily Drive: Traffic jams can turn your daily commute into a nightmare. Make sure getting around is more easygoing than aggravating. Drive neighborhoods during mornings and evenings to feel what it’s like when people are most often commuting.
Upcoming Roadwork: Find out about any future road projects that might change around you for better or worse. Newer developing neighborhoods and towns tend to widen and expand roads more frequently.
Getting Around: Accessibility
Why Accessibility Matters: Easy access to transit and main roads makes life simpler and can save you some cash on commuting.
Transit Options: Scope out public transport, biking lanes, and how things flow during rush hour and quiet times.
Close to the Essentials: Think about how quick you can get to the grocery store, hospital, parks, and other key spots.
Local Economy and Convenience: A strong mix of shops, restaurants, and services shows the neighborhood’s thriving and makes life convenient.
Scoping the Town: Look for quality in the local businesses. Good shops and restaurants add to the way people take care of their investments. If there is a strong local economy, it can mean that locals make income which means it can be more desirable for investment.
Community Feel: Hit up some local events and chat with shop owners/staffers to get a sense of the neighborhood’s vibe.
New Construction and Growth
What New Builds Mean: New construction can mean growth and excitement but might bring noise and busier streets.
Plans on the Horizon: Look into what’s being built and how it’ll change the neighborhood.
Hustle & Bustle vs. Developed areas: Decide if you’re more into a fast-growing, lively area or a more settled, quiet place. Often times these environments can help dictate the common tenant. Is your property close to a hospital or factory? Would those employees be likely tenants due to the jobs that business offers?
Choosing the right neighborhood is key to loving your new home whether you live in it or rent it out to make income. Things to consider beyond the home itself are safety, schools, roads, accessibility, local businesses, and future growth. These factors really all the difference and should be part of your investment strategy.
If you have questions about this, please send me a message at info@damonbishop.com