Good neighborhoods are in the eyes of the beholder. For example, being near excellent schools is important if you have children. If, conversely, you're ready to retire, buying in a peaceful area with outdoor activities may appeal to you.

• Amenities: Amenities are special features of a neighborhood that make it an attractive, desirable place to live. Wide streets bordered by stately oak trees, lush green parks, lake views, quiet cul-de-sacs, parking, and proximity to schools, churches, shopping, restaurants, transportation, playgrounds, and boat docks are prime examples of amenities that add value to a neighborhood. The more of these features a neighborhood has, the more appealing it is from the perspective of most homebuyers.

• Quality schools: When you're ready to sell your house, many prospective buyers with children will be interested in the local school system.

• Low crime rates: Most people today are concerned with crime, especially in neighborhoods that they're considering. Communities compile crime statistics, generally by neighborhood.

• Pride of ownership: A home's cost has no bearing on the amount of pride its owners take in it. A drive through just about any neighborhood, posh or modest, will demonstrate whether the people who live there are proud of their homes. This can have an impact on the values of surrounding homes.