18 March . 2019
Four ways to avoid neighborhood regret
Most of us have heard of buyer’s remorse. Now there’s “neighborhood regret,” and it’s a real thing, experienced by more than one-third of 1,000 Americans recently surveyed online by Trulia, a home and neighborhood site for homebuyers.
The Trulia survey found that 36 percent of those who had recently relocated would have moved to a different neighborhood than their current one. The survey also found that 77 percent agreed that there is no single reliable source for getting complete neighborhood information.
To prevent neighborhood regret, Trulia recommends trying to get a genuine feel for what it’s like to actually live in a neighborhood before buying. Here are four days you can do that.
Get the neighborhood vibe. Trulia says the “right vibe” should be as important an item on our must-have list as the number of bedrooms or the square footage that you desire. Do you want a quiet, family-friendly cul-de-sac? Are parks, trails and scenic surroundings important to you? Some research and legwork can pay off. Trulia says that 55 percent of homeowners who checked out their neighborhood’s vibe before buying are happy with their decision.
Check it out yourself. Unlike a tax rate or a school’s accountability rating, “vibe” is a pretty subjective metric. Vibe can be overhyped, and one person’s idea of a dream neighborhood can be another person’s nightmare. If you don’t have time to visit in person, at least talk to some friends, family members or other knowledgeable people you can find. Neighborhood profiles from Trulia, Niche and other resources are easy to find and can be helpful. Virtual tours and photo galleries can also help you check out a vibe.
Ask around. Trulia recommends that if you do get to spend time in a prospective neighborhood, strike up conversations with some of the residents. They’ll likely have some interesting insights that you can’t get from a quiet walk around the neighborhood. Some of the main sources of neighborhood regret are lack of social activity, experienced by 33 percent of respondents, along with street noise (30 percent) and unfriendly neighbors (28 percent).
Screen for safety and schools. Schools and safety are right at the top of must-have lists for most homebuyers, and the source of much neighborhood regret. Twenty-one percent of those regretting their neighborhood choice say that school quality in their area was oversold. The good news is that plenty of school and safety information is available from sources such as Trulia, Niche and other sources. These websites rely not just on data, but on resident reviews that prospective homebuyers can read.
At The Grove Frisco, we offer several ways for homebuyers to get to know the community better and avoid neighborhood regret. Throughout the year, we hold many events where guests are welcome to mingle with residents and experience our vibe and amenities. Check out our upcoming events.