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Lofts and Condos: Does the Neighborhood Matter?

May 07, 2012 | Comments: 0 | Views: 115

At first blush, it may not seem like the neighborhood in which a loft or condo building is located is all that important. After all, the actual building itself is somewhat akin to a neighborhood. But if you decide to purchase a loft or condo without at least factoring in the surrounding area, you do so at your own peril, because there are a variety of reasons why, indeed, the neighborhood consideration is an important one.

Safety Make sure the condo is in a good part of town. You may like the condo or loft, but if you do not feel safe when you leave, is it really worth living there? You can find out about the neighborhood by talking with people who live there, or just driving around and seeing what you think. Look for signs of a good neighborhood, like buildings that are well kept.

Proximity Does the neighborhood include easy access to public transportation? Is the neighborhood so busy that it will be difficult for you, or your guests, to find parking on the street? If the answer to the former question is no, then think about how you will access all of the places you go. And if the answer to the latter is yes, then think about how much time you or your friends will spend just walking between your home and your car.

Family make-up Neighborhoods after attract somewhat similar people. Not necessarily in terms of their interests, but in terms of age. So if you have a family and children, think about whether you want to live in a neighborhood that is composed primarily of retired folks. And if you are retired, do you want to live in a neighborhood that consists primarily of young families? Some people do, and that is fine. But it is a consideration worth making.

Activity Some neighborhoods are simply more active than others. Take a drive through and look around. Look for people out in their yards, playing in the streets, or walking on the sidewalks. If it is a nice day and you see lots of people, then it probably is a neighborhood with a fair amount of activity. On the other hand, if there is nobody out and about and all the places look shut up, then that probably says a lot about the neighborhood.

Future sales Many people do not think about selling their home when they are purchasing it. After all, there is enough to think about on the front end without thinking about what may happen years down the road. But in real estate, planning ahead is a good thing. In all likelihood, when you are ready to sell and people start looking at your loft or condo, they will take the neighborhood into account. So if you buy a good condo in a bad neighborhood, do not be surprised if, when it comes time to sell, it sits on the market longer than you would like.

Better Homes and Gardens Real Estate Area Leaders Broker Andy Asbury and his team are experts on Minneapolis condos for sale. They know the market inside and out and have intimate knowledge of the condo options, including North Star Lofts in the Mill District.

Source: EzineArticles
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