Choosing a neighborhood for a new home is a monumental task. Issues such as commute times, schools, safety, home prices, and home values are important. Is it possible to predict which neighborhood is the next “hot spot” for revitalization? There are potential pitfalls, yet unlimited opportunities in taking the plunge in an area that is not totally established. If getting in on the ground level of an area ready for revitalization is attractive to you, the following tips will help in your search.
1. Look Near Downtown or Near Established Trendy Areas
Neighborhoods near downtown or other established trendy areas are a good bet for revitalization. The presence of artists and musicians is a good sign that a neighborhood will draw younger people. The creative presence adds character and often beauty to the area. In addition, lower rents and lower home prices are found in these areas.
2. Watch for Improvements in Public Infrastructure
If there is construction in common areas, such as local parks, building entrances, and street medians, there is a good chance the neighborhood is on the move. According to the Forbes Real Estate Council, addition or improvement of public transportation is also a good signal, as it gives many more people access to the area.
3. Be on the Lookout for Interesting Architectural Features and Constructions Trucks
In Trulia’s real estate blog, it is noted that a neighborhood with a unique pattern of architecture is appealing to future home buyers. It is a plus that the particular style may not be available in other parts of town, making the neighborhood stand out. Whether there is English Tudor, Victorian, or another style, architecture makes a difference in the appeal of the area.
Construction trucks at local residences and businesses show that someone has begun work on an older building. Older homes require updates and possible structural repairs. Remember that these homes are probably equipped with older appliances. While the construction workers are updating the house, call American Home Shield and check on a home warranty for the appliances and heating and air conditioning systems. Your adventure is just beginning! Try to minimize surprises.
4. Trendy Businesses Open or Plan to Open in the Area
According to Motley Fool, trendy businesses are a clue that an area is taking off. Work-share spaces, health-conscious grocers, and national or local coffee shops are businesses that are good indicators. These businesses typically complete a lot of research and projections before building. Their presence is a positive indicator that the neighborhood will continue to grow. Small, niche businesses geared toward people with disposable income are also a hint that the area is desirable.
5. Homes Remain on the Market for a Shorter Time
Watch the market trend on homes for sale in the neighborhood. If homes on the market once selling in 90 days are now selling in 45 days, you can bet there’s a reason. Don’t watch this trend for too long or your “diamond on the rough” will be occupied by someone else.
You’ve done your homework and you are ready to move in. Plan on some ups and downs, then pat yourself on the back when your home value soars. Enjoy the adventure, you’re a winner!