One of the most important parts of your research should be understanding the value of your home, which is determined in part by the value of the surrounding community, including nearby comparable homes, schools, municipal services, and more.

To save time and frustration, Eric A. Jacobs, owner of E2 Properties, LLC, a boutique real estate brokerage firm in Hollywood, Fla., recommends recruiting the services of a licensed realtor in the area you are interested in purchasing. If you have children, the quality of your local school district is of paramount importance. For example, if you want a back yard and tree-lined streets, then searching the concrete canyons of Miami's urban jungle is a waste of time.

When it comes to crime concerns, keep in mind that areas where homes are in greater disrepair tend to have higher crime, says Jacobs. "If you purchase an overbuilt home, it may not fare as well holding its property value, as the properties competing with it for buyers may be located in different neighborhoods than the one you purchased in."

If your homework uncovers flaws in the neighborhood, you may be able to use these points as advantage to lower the seller's asking price, says Jacobs. Working with your real estate professional, present the information you have gathered to the seller.

By M. Sese
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