Affordable property is hard to find these days and more people are being forced to make tough home choices when buying. Such as, is it worth buying an affordable home if it means living in a high-crime area?
This issue is reinforced with more people compelled to live in cheaper, outer-ring areas where crime can – sometimes – 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 – and this includes gated communities. Higher-class areas are also not immune to disruptive neighbours.
Gentrification is underway in plenty of seemingly shabby outer-ring areas. While this trend doesn’t necessarily equal less crime, local properties in such areas will experience long-term capital growth.
Even without gentrification, homebuyers in high-crime areas will have a lower mortgage (although their insurance may be higher) than those in more expensive ones.
Remember that a neighbourhood may have an ugly crime reputation but the reality may differ. For a real picture, potential buyers should 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 because they’ll know everyone is at risk from crime. Getting to know new neighbours is a great way to stay informed of potential risks in the area.
State police websites have crime statistics on different suburbs and should be checked. However, they may not show a true picture. A better idea may be to contact a local police station and ask questions.
If you move into such an area, consider installing a low-budget home security system with wireless cameras. Also, apply commonsense to your security precautions at home and in the car. Install double-locking doors and windows, and never keep valuables in clear sight.