When hunting for a home, it's important to look not just at the home itself, but also at the neighborhood surrounding it. Many first-time buyers and other unsuspecting buyers end up overpaying for nice homes in less-than-ideal locations. Then, when it comes time to sell, they find that they have a hard time finding a buyer and getting their asking price. If you want to avoid this hassle, keep an eye out for these location-related pitfalls that may lower a home's value, and think twice before buying a home in such locations.

Far away from the thruway on-ramp.

Everyone wants a shorter commute. The closer a home is to a thruway on-ramp, the more it will be worth. If a home is located a 10 or 15-minute drive from the on-ramp, it's typically worth less than a similar home located just a quick jaunt from the on-ramp. Even if you don't commute via the thruway, keep in mind that future buyers are likely to -- and this might make it tough to sell your home again.

Near an overgrown, empty lot.

An overgrown, empty lot down the street may not seem like a big deal. Surely, in some cases, it is not -- the lot simply may not have been rebuilt yet and will be in a few months. On the other hand, empty lots often become gathering points for degenerates and mischievous children. They may also begin harboring rodents and other pests if nobody keeps the weeds trimmed. So, if you see an empty lot near a home you're looking to purchase, ask your realtor to look into its status. If there are no plans to rebuild on the lot very soon, be aware that the lot may cause problems and decrease the home's value.

On a street with comparatively run down homes.

If a home is the only home on the street that has been remodeled and renovated, it's likely to be overpriced. There's no guarantee that the area is "coming back" or that the neighboring homes will be remodeled any time soon, but the home will have a higher price tag because the current owners need to charge more to cover the costs of the remodel. On the other hand, if there are several other homes in the street that have been fixed up, the street is probably starting to come back overall, and the home might be a good buy.

To learn more about these location-related pitfalls, talk to your realtor. Keep your eyes and ears open, and thoroughly explore the area around a home before agreeing to buy it.