Location - The Local Neighborhood

The term "local neighborhood" refers to an area wide enough to cover your residential area plus nearby stores such as the "neighborhood grocery store."

You want to be sure all essential shops and services are located nearby. This would include grocery stores, gas stations, dry cleaners, and convenience stores. There should also be fairly convenient access to local highways, major traffic routes, and mass transit.

One thing you should look out for, though.  If your local shopping center is in decline, it could be an indicator that the local neighborhood is in decline, too.  Check to see if a lot of storefronts in your local center are vacant or available for lease.  If they are, you might want to consider moving your purchase a few blocks.

copyright 2006 by Terry Light and RealEstate ABC

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