If you ahem scoured the market for available homes and found the one of your dreams, it might be time to make an offer. Before you put your money on the line, could you look around the neighborhood? There is always a reason the pros emphasize location when buying real estate. You can always change your house, but you can’t change the neighborhood. If your hood is on the decline, you might have difficulty offloading your home when you decide to sell. However, a bad neighborhood isn’t always obvious, though, sometimes you need to do further digging to know if a community is truly worth buying into.
Continue to read to find out the 6 identified red flags that should give you pause before signing on the dotted line.
1. Too Many Houses are on the Market
There is nothing wrong with two or three listed homes in the same neighborhood. However, if you see an army of “For Sale” signs in the same area, it might be worth considering looking elsewhere. This issue will point to illiquidity in the market and pricing pressure, which is a risk for buyers. The reason for those “For Sale” signs will depend upon the shade of red of the flag. Perhaps the neighborhood is gentrifying and longtime residents have decided to cash in. Or maybe many older residents are downsizing. It is always important to do your homework to assess the situation before making any big moves.
2. Schools are Enrolling Fewer Students
Schools in healthy communities should be increasing their enrollment, or at least keep the population steady, if there is no physical room to grow. There are always many reasons why enrollment might decrease. Local schools might have a reputation for poor management, sending parents fleeing to charter or private options. Perhaps residents are staying put as their children grow, leading to older neighborhoods and fewer nearby pals for your children.
3. The Area is Industrial
A nearby strip of cute boutique stores might be a great selling point, however, it is worth reconsidering the purchase if the closest commercial influences lean toward the industrial. It is important to be mindful of commercial influence on the block, such as close gas stations or anything that can be classified as undesirable. Nearby industrial plants should automatically nix a neighborhood, and think long and hard before buying across from a car dealership or auto body shop, which attracts a lot of car traffic, unsafe for neighborhoods with tons of children.
4. Stepford Style is in Full Force
It is one thing to love the homogeneous, well-groomed suburban look, but take a moment to examine it more closely. Are there unique decorative doodads dotting each garden, like aluminum chickens or wind chimes? Or is the front porch furniture too closely similar? If all the homes and landscaping in the neighborhood are similar looking, the HOA might be extremely restrictive.
5. There is Little Parking Space
The property might be equipped with a one-car garage, but it is important to be mindful of where your friends park, and where you can keep your significant other’s car. If the streets have bumper-to-bumper traffic, it is worth thinking twice about buying in the neighborhood—especially if the home lacks a garage or carport. To tell if the neighborhood has reliable parking, it is important to visit at night or on the weekend to truly be able to tell. Unless you choose to commute by foot or bike, the neighborhood might not be a good fit for you.
6. Surrounding Homes are Ill-Maintained
A street in shambles might seem like an obvious red flag, however, you might have heard that buying the best house in the worst neighborhood is a prime opportunity for profit. A street full of rundown homes with overgrown yards and broken fences should be setting off warning signals. This typically has nothing to do with wealth, lower-income neighborhoods can be just as well-kept as more expensive ones. Neighbors with no pride in their home’s appearance and upkeep decrease property values for everyone.
The Bottom Line
Problems with homes next door can indicate that the house you might be interested in may have bigger issues than what meets the eye. Look at every house on the block for issues such as water pooling in the yards, or flickering porch lights. If there are any other issues like water pipes or electrical issues, it comes down to issues of more than one home on the block. Let the Coastal Realty Group guide you in choosing the best home from the Forgotten Coast of Florida today.