What exactly is a neighborhood and how is it defined? This can be a difficult task because each person or organization has certain ideas as to what a neighborhood is. The definition can vary in importance depending on the individual. From a Realtor’s point of view, in the scope of their business, defining a neighborhood can come into play when establishing value. A neighborhood is a cluster of properties, most of which are relatively similar in land use. As a portion of a larger community, a shared identity creates a neighborhood. The components that characterize a neighborhood can be positive or negative to prospective buyers. The value of the neighborhood increases when it has very similar use and a lot of positive attributes. Every neighborhood offers different advantages to its inhabitants. There are many factors to consider when purchasing a property; one of which is the neighborhood. Since each neighborhood offers different advantages to the individual, one must determine what ones needs and desires are before purchasing property. One fact to keep in mind is that all neighborhoods, regardless of use, go through a series of changes over the years.
More expensive or desirable neighborhoods are generally more expensive for a reason. The correlation between higher rents or home prices and neighborhood amenities is high. Neighborhoods are often described by the shops, restaurants, and personalities of the people who make up the neighborhood. This creates a sense of wanting to belong to an area.
When one decides on a neighborhood to reside in, it is important for that person to take pride in their home. Each neighbor plays a small part in the responsibility of helping to improve their neighborhood. We all know what it is like to have that one home owner who does not take pride and responsibility in their property. Often people are confused about money and the upkeep of property. It does not necessarily take much money to keep a property well maintained. It takes the desire to do so and a little extra effort. If there was a single factor that individuals could do to improve their neighborhoods, it would be taking responsibility for the preservation of one’s property.
I feel that all of us should give this a little thought and ask ourselves “Am I trying to help improve my neighborhood?” How does the property you live in rank as far as maintenance in your neighborhood? Improving the maintenance of your property will benefit your neighbors and will benefit you. The quality of life improves when people take responsibility for themselves. If you want to increase the value and desirability of your property, maintain it better. Are you a responsible, good neighbor?
This article was published in the San Francisco Examiner.
Articles are written by Eric Ruxton and Larry Aikins, owners of Terrace Realty, Inc. and Terrace Associates, Inc. in Redwood City. Terrace has been in business more than 55 years and in addition to being an independent Brokerage Company, also owns and operates rental properties.