When it comes to deciding where to buy a house, one of the smartest tips is this: buy in an area you know.

Introduction

The real estate market is still pretty strong in most parts of the country, and even a slight slowdown can’t stop people from continuing to buy property. But with the exciting and profitable experience of investing in a house, buying a house in an area you know might be your best bet.

Invest in a place where you’ve done your research

When you’re buying a home, there are many factors to consider. You need to do research before you make an offer on any property. Being aware of the neighborhood is important, but there are also other things to keep in mind when determining what kind of house you want to buy:

• Know the market.
• Know the house itself for sale and its condition (or potential for renovation).
• Know about taxes, utilities, and other expenses that come with owning a home like that one.

There are three areas to know to make a smart decision, you need to know the neighborhood and market. You also need to know the house itself.

The Neighborhood

The neighborhood is where you live and play, so it’s important to get the right feel for your surroundings. Do you like the vibe? Are there any problems with crime or traffic? Is it easy to get around? How about schools or shopping nearby? The answers will help you decide if this is where you want to live for years to come.

The Market

A market is an area that has certain characteristics like size, age of residents, housing prices, and inventory as well as other features such as employment opportunities and amenities like open space that attract people who want those things in their community. A hot market might have low inventory because people can’t find what they’re looking for; maybe it’s because older folks are downsizing after raising families so there are lots of smaller homes on sale but few larger ones available.  It could be because younger buyers are seeking out smaller communities where they can enjoy living near nature while still having access to services and entertainment options within minutes instead of hours away by car or bus or train.

The neighborhood

Before you buy a home, it’s important to know the area well. Get out on foot and meet your neighbors; talk to them about what they like (and don’t like) about the neighborhood. They can be your best resource in determining whether or not this is a good place for you to live.

The first thing you should ask yourself when looking at neighborhoods is this: Is it safe? You want kids running around outside playing on the sidewalks and streets— Look up crime statistics online if possible so that you can get an idea of how safe each neighborhood is before deciding where to buy.

If there are amenities nearby, such as parks with playgrounds, grocery stores/pharmacies that are open late at night or early in the morning, restaurants within walking distance from where most people live (or driving distance), public transportation options nearby (buses/trains), etc., then those will be important considerations too—especially if children live in those homes!

The market

The market is the supply and demand of a particular area.

The market is always changing, so it’s difficult to predict what will happen in the future. There are several factors that contribute to the movement of the market:

• Supply and demand
• Interest rates (which can be affected by Federal policies)
• Economy

The house itself

The house itself:

• It should be in good shape, both structurally and cosmetically.
• It should be located in a safe neighborhood with good schools and good neighbors.

Know the area before you close on the house

As you make your home buying decision, it’s important to know the area and all of its pros and cons. You can start by asking yourself some pointed questions:

• Do I want a big house in a quiet neighborhood, or do I want something smaller with less crime?
• How much maintenance will my new house need? How much time can I devote to maintaining it? Will this monthly task be too much for me?
• Does the school district have good reputation among local parents?

Conclusion

This is one of the most important things to do in order to make money from your investment. If you are buying a home with the hope of reselling it for a higher price in the future, then you need to make sure that you know exactly what it’s worth before choosing an area or making any decisions at all about where or when.

For more information about buying a house in Burnaby call Geoff Jarman at 604-313-7280

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