Neighborhood is a prime factor in valuation of foreclosure buying
Tips to examine and assess neighborhood for its current and future impact on value of foreclosure property
Neighborhood makes a big difference in real estate values
- What kind of properties surround the foreclosure property you intend to buy?
- Is neighborhood deteriorating or getting better?
- Are large chains stores and grocery stores planning to come to the neighborhood?
- Number of “for sale’ and ‘for rent” signs. Having more owners is better than more renters.
- Condition and maintenance of streets.
- Quality of cars (new and well-maintained cars are a good sign).
- Age of houses in the area.
- Crime statistics.
- Rating of schools.
- Hospitals, shopping centers, fire stations, police stations, sporting facilities, recreation parks in the foreclosure home area.
- Access to public transportation and major arteries.
How to check foreclosure property neighborhood
- Speak with a real estate agent specializing in the area.
- Search the Internet for demographics, crime statistics, school and hospital information.
- Go to public library and ask for local information.
- Talk to neighbors around the house that you plan to buy.
Foreclosure home neighborhood tips
Large retailers, grocery stores, shopping center developers hire people to make researches for their new locations. Their researchers take into consideration all statistics, demographics, crime statistics, etc. So, try to get leads about their future moves.
See how many stores they already opened and how many they are planning to open soon.
Local zoning and planning department may have growth and zoning plans that you may look at. Ask for last public meeting records.
For factors affecting the value of foreclosure real estate…
- Your foreclosure buying strategy
- Where to find foreclosure real estate?
- Your goals and valuing foreclosure home