Finding the right home or apartment to rent isn’t always easy. Sure, with renting there is less financial commitment than with buying, but you’re still faced with having to select a new place. And with a new place comes a new neighborhood you could potentially be living in for years. That is why it is important to make sure the home and neighborhood fit your needs and lifestyle. We are sharing a simple list of neighborhood red flag warnings to look out for before you sign your next lease! Keep reading to learn more and click this link to read the full article.
1. The overall rental market
Do you see a plethora of properties sitting vacant? That can be a worrying sign, says real estate investor Brian Davis, who teaches courses in rental investing at SnapLandlord.com.
“Healthy neighborhoods should have only a handful of vacant properties at any given moment, even if they are being marketed for rent or sale,” he says.
When you’re browsing listings, pay attention to how many apartments are actually up for rent. If the number seems suspiciously high, the neighborhood could be a real dud.
2. The condition of other properties in the area
If you see too many homes in obvious disrepair that aren’t being renovated, it means the properties in the neighborhood aren’t worth fixing up, Davis says.
Also, watch for the general level of upkeep among homes in the areas. Eyesores worth paying attention to are trash on the lawn or sidewalk; blinds or curtains hanging outside of the window; cars parked in the yard; and holiday decorations up year-round, says Roslyn Lash, an agent with Realty Select in Rural Hall, NC.
3. The commercial property scene
You want to see most of the commercial spaces occupied with healthy-looking businesses, says Davis. This not only reflects well on the vibrancy of the market, it can also make your life easier when you have grocery stores, restaurants, and other amenities close by.
On the other hand, you also want to make sure there’s not too much of a good thing, notes renter Shane Lee, who lives on the Lower East Side of New York City.
“While it’s convenient to live in a neighborhood full of restaurants and bars, don’t forget you will also have to deal with the trash and noise,” he points out, adding that his apartment often smells just like the restaurant downstairs.