I’m looking to purchase my own house in a particular neighborhood. How do I know whether the neighberhood is transitioning for the better or worse? What do i need to look for? I plan on staying ther for a max. of 2 yrs then leasing it out.
Any input is greatly appreciated.
ATLNEWBIE
You might try seeing what recent home sales have been in the immediate area. What have the trends been over the last couple years? What is the percentage of O/O vs. N/O/O? Is this # increasing or decreasing?
Owner occupied areas are always better than non-owner areas. When neighborhoods are investor owner rentals, property values are going down.
Do not buy in areas where your next buyer will be an investor. They will never pay you what it is worth, no matter how well you fix it up.
The best situation to be in is your next buyer is a homeowner. Don’t over-improve for the neighborhood.
How can you tell?
Look around – are there for rent signs all around? Are properties run down? Do you see lots of renovations happening?
Check property records on line at your county auditor web site.
Look at the big picture and realise that someday you will sell.
Jan
You can look up ownership and rental percentages on the census site.
Also your local department of planning or dept. of housing should have some information on sales information over the last several years as well as other data that is indicitive of the neighborhood.
this helps a lot… thanks to all.
ATLNEWBIE