Healthy Neighborhoods, Neighbor Assets & Your Real Estate Value
As a potential homebuyer, it is important to understand the impact that no only your personal assets will have upon your home ownership, but also the impact your neighbors’ assets will have. While you may be looking for a home with the perfect mortgage rate and perfect floor plan, it is the care and satisfaction of your neighbors that may ultimately lead to your home becoming a smart investment for you.
In many communities, especially in newer housing divisions, there is growing popularity of housing organizations such as the Homeowner’s Association. While it may seem strange, the popularity and overall “health” of your neighborhood may lie, in part, in the degree or which your HOA manages your neighborhood and community in a positive manner. In fact, living in a neighborhood that is not well managed, with neighbors who are not engaging and friendly, can lead to adverse mental health complications in you, as the homeowner.
Declines in neighborhood satisfaction may be a key aspect of the decline in real estate values and may contribute to the foreclosure rates. Without neighborhood satisfaction, you may become increasingly less interested in the care of your home, your neighbors and your community, only further compounding your disinterest and depression. Often, this negative impression of your neighborhood may lead your family into a direction that involves lack of interest and even result in the loss of your home for failing to maintain mortgage payments and maintain the repairs of the home.
In many neighborhoods, community support groups, care organizations and even crime fighting organizations are quite common. Even when these services are not specifically needed, they bring about a sense of continuity, organization and support. When these factors are in place, many homeowners note an improved sense of satisfaction with their neighborhood which, ultimately, may lead to a decreased risk for foreclosure or loss in property value.
As you consider buying a home, especially in the adverse real estate market of today, it is important to look at the neighborhood satisfaction as a key component of your consideration. If the neighborhood is well taken care of, and there is a sense of community organization and care, you may find the home you are purchasing is in a far more pleasant and appealing area; one that can improve your overall sense of well being each day you walk out of your door.
