4 signs you live in a thriving community
Everyone wants to buy a home in a great community, but unfortunately not everyone can afford to. It's one of the harsh realities of the housing market. If you want to live in a safe neighborhood with good schools and lots of amenities close by, you have to pay a premium.
Some people who can't afford a home in the perfect neighborhood right now might be able to afford to buy a home in an up-and-coming neighborhood. When a home is in an improving neighborhood, it means that home values are increasing and you are making money on your investment. And that's the ideal situation when investing in real estate. Here are four signs that your neighborhood has tons of potential:
Good local school system ratings. If you have kids or plan on having kids then a quality school in your neighborhood may be at the top of your priority list when buying a new home. Your real estate agent will know about the local schools, so be sure to ask them. You could also look it up online at sites like School-Ratings.com, a website that rates schools in California and Texas by community or zip code.
Low or reduced crime rates. Low crime rates attract all kinds of couples and families, which can help your neighborhood boom. You should visit a local police station and ask about past and current crime rates in your neighborhood or look into the issue online. Be aware that your real estate agent is prohibited from giving you guidance on this topic.
Increasing home values and property taxes. If your property taxes are increasing from year to year then your home value is likely increasing as well. Another good sign that you live in a good community! When you are buying a home, you can ask your real estate agent about the historical value of the home as well as the last purchase price. If home owners take good care of their home and take pride in the home's appearance then it's a good bet it's continuously being sold at an increased price. This is a great sign that you're making a good investment.
The location and services in the community. One of the main factors that determine a home's value is the location and proximity to essential services such as grocery stores, a post office, restaurants, and local transportation. If the location of your home is convenient then you most likely live in a good community.
Living in a thriving community enables you to reap social as well as financial benefits. As home values increase, so too will the equity stake in your property.