may get lucky and find the neighborhood of your dreams right away.
You're far more likely, however, to end up evaluating the strengths
and weaknesses of several neighborhoods while trying to decide which
one to favor with your purchase. If you're on a budget -- and most
people are -- you may have to compromise and make tradeoffs.
Prioritize your needs
a home when you have budgetary constraints involves making tradeoffs.
When push comes to shove and you have to choose a place to live,
you must decide what is most important to you.
should examine the health of the local economy, area amenities such
as parks and entertainment, school quality, and crime rates before
you buy a home. Here are some sources of information:
Tap local resources: Check the local library. The local
chamber of commerce is another excellent source of information.
to people who live in the neighborhoods: Who knows more about
a neighborhood than folks who live in it? See what residents say
about the other neighborhoods you're considering. Also ask renters
because they are generally more candid about the shortcomings
of a neighborhood. Drive or walk through the neighborhoods at
various times of the day and evening to make sure that their charm
days-on-market (DOM) statistics from your real estate agent: DOM
statistics indicate how long the average house in an area takes
to sell after it goes on the market. As a rule, the faster property
sells, the more likely it is to sell close to full asking price.
Quick sales indicate strong buyer demand.
help from a professional: Ask a real estate broker, agent,
lender, or appraiser to compare the upside potential of home values
in each neighborhood. Get an analysis of each neighborhood's present
and future property values from full-time real estate people.
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