When it comes time to buy a home in Phoenix, Arizona, you need to estimate more than just whether the house meets your current needs. You need to plan for the future: what will this neighborhood be like in five, ten, or twenty years?
The old real estate adage is that you select homes based on location, location, location. in addition it may seem like an impossible task to predict how a neighborhood will change in the future. You could be looking at a home in Phoenix, Arizona that is in a neighborhood that is on the cusp of changing from slightly downtrodden to one of the hottest areas of town, or you could be looking at one that is going to spiral into decline. How do you protect your real estate investment while planning for the future?
Simple driving by the neighborhood won’t help you determine whether the neighborhood is in an upturn or downturn trend. To really understand the neighborhood, you have to do a little research.
First, you have to start out by taking the temperature of the economic ecosystem. You want a neighborhood that has a strong trend towards economic growth and stability. How can you tell? One easy method is to look for “for sale” signs throughout the neighborhood. When you observe lots of homes for sale, it indicates that the neighbors are leaving – maybe because of job loss, maybe the schools aren’t great, maybe there is a crime pattern – in any case the reason, it’s a sign that you need to look in other places.
Next, hit the pavement. Take a walking tour of the neighborhood. How many people do you see out walking around? Of course, it’s important that you make this evaluation at a time when homeowners would typically be home. Monday mornings are not a great time to check your prospective neighbors – they will be at work. Try a Saturday morning, when people tend to be at home or working on their homes. This is a great opportunity to meet people, or just simply observe the neighborhood – are there kids playing, do the neighbors seem friendly, what’s the street traffic like? All help you determine whether the neighborhood would work for you.
Consider the condition of other homes in the area. Do they seem well maintained, in good condition, or do you see obvious signs of neglect and needed improvements. When neighbors don’t have the financial resources to keep their similarities maintained, it’s an excellent indicator that the neighborhood is bordering on economic distress.
Finally, consider the local schools. Schools are a great barometer of how a neighborhood is doing, both in the short and long term. already if you don’t have children, schools indicate whether there is consistency and commitment within the area. Goods schools show active communities, consistent teaching staff, committed families, while schools that aren’t rated highly indicate volatile communities with both families and teachers moving in and out frequently.
Finding the right home in Phoenix, Arizona doesn’t have to be a grueling course of action or already stressful. It just requires a little research and a little planning, and you’ll have a character that returns on your investment and offers financial stability.