In short, yes! Neighborhood is one of the most important factors when deciding to buy a home. While it can be tempting to only look at the price or square footage of a home, the location is far more critical. It may be the best house on the market in regards to looks and amenities, but if the neighborhood is wrong, you ultimately won’t enjoy your home.
A neighborhood represents the lifestyle component of buying a home. It determines where your children go to school, the amount you pay in taxes, and the commute to work. If you are physically active and want walkability, your home should ideally be in an area with parks, greenways, and bike lanes. If you have children or pets (or both) and want a large backyard or land, a downtown condo or townhouse probably won’t be the best fit.
Aside from the lifestyle aspect, buying into a certain neighborhood can help (or hurt) you down the road. Buying in a transitioning neighborhood can provide great returns if the neighborhood continues to transition in a positive way. If developments are stalled or construction is postponed, it can leave an area high and dry. Keeping an eye are market trends is essential. Buying a home is an investment, and choosing the best neighborhood is an important factor.
Neighborhoods are our identities. As we mentioned in a previous post regarding home design, your home is an expression of you and your personality. It is the same concept with neighborhoods. A home may be beautiful, but if it’s not in the right neighborhood, is it worth it?