Anytime you're thinking about moving into a new place -- whether it's an apartment, condo or house -- you should always take the time to cruise the neighborhood before you sign a contract. Surfing the Internet can tell you a lot about a community, like the quality of the schools or the general characteristics of a particular neighborhood. But that's no substitute for you scouring the neighborhood carefully. Just because all is peaceful and quiet on a Sunday afternoon when you first saw a house or apartment, doesn't mean it's the same way on Saturday nights or weekday mornings.

So drive around a neighborhood at different times and different days of the week to get a feel for whether or not it's a place you'd really like to live. Take a lunch break from work if you have to, and visit the area during the middle of the day. Hit a local coffee shop or diner to see how people in the area treat you.

When you walk down the street, do people look the other way or do they greet you with a hearty "hello"? Do neighbors and community members seem snooty and stuck up, or are they warm and friendly? A good place to experience the locals is to go to the local supermarket – again, during the middle of the day – and do a little people watching.

First eyeball the people and cars that you see in the parking lot. Are people shopping for basic groceries in designer clothes or are they casually comfortable? Is the parking lot full of luxury cars and convertibles or do you see a lot of "buckets" and "hoopties" everywhere you look? Either way, it will tell you a lot about the area you plan to live.

Also, take notice of what kind of stores are in the neighborhood. Do you see any pawnshops or payday lenders nearby, or do high-end retailers dominate the area? Visit your intended area from different routes. People are creatures of habit and tend to travel the same route over and over. You need to know, however, if there's a penitentiary or a psychiatric ward just three minutes away on the road less traveled. Also, where are essential services? How far away is the closest hospital and what is the quality of that hospital? Ditto for schools in the area. If you have kids, or intend to, you definitely want to check out the local school district.

Bottom line: moving is serious business. And it requires a big financial investment too. Don't buy a home out of your price range or rent in a neighborhood you know you can't really afford just to impress your friends and family. No matter what other people think, you have to go with your gut instincts and select the home or apartment that is most appropriate, affordable and best-suited for your needs.

For anyone buying a home, the stakes are even higher because you have to think about the possibility of selling that home down the road. To best position yourself, avoid buying a home in any area that is:

1. Economically depressed (perhaps because of a lack of decent transportation, inadequate infrastructure, or a shortage of good jobs and local businesses to hire people).

2. Completely crime-ridden (even if the community is "coming back," that renewal could take many years).

3. Situated in a poor location (as in near power lines, a very busy intersection, or adjacent to noisy commercial businesses).

All of these situations can negatively impact your home's value and make it more difficult to sell later. Even though you might not be bothered by living right next to a major highway or a street with a lot of traffic, many other prospective buyers will.

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'