Affordable property is hard to find these days and locals are being forced to make tough home choices when buying.
One increasingly common question that our agents have been asked: is it worth buying an affordable home if it means living in a high-crime area?
This issue is enhanced with more people compelled to live in cheaper, outer-ring areas where crime can be higher.
Here are just a few points for such homebuyers to consider:
- No street is safe from crime, thus any property anywhere will always be at risk of such violations. This includes gated communities. Higher-class areas are not immune to disruptive neighbours.
- Gentrification is under way in plenty of seemingly shabby outer-ring areas of cities. While this trend doesn’t necessarily equal less crime, local properties in such areas will experience long-term capital growth.
- Even without gentrification, home buyers in high-crime areas will have a lower mortgage (although their insurance may be higher) than those in more expensive ones.
- Some neighbourhoods may have an ugly crime reputation but the reality could be different. Potential buyers should first talk to neighbours and locals such as store owners about the area.
- Don’t be surprised if these same locals take better care of new homebuyers than those in a swankier area – simply because everyone understands the crime problems. Getting to know new neighbours is a great way to stay informed of potential risks in the area.
- State police websites have crime statistics data on different suburbs.
- Finally, there are plenty of low budget choices for a home security system including wireless cameras. Always be security conscious, double-locking doors and windows and never keeping valuables in sight.