Signs of An Up-And-Coming Neighborhood
If you’re like most homebuyers, your home most likely represents the largest investment of your lifetime. There are many benefits to owning a home – not only can you own it free and clear once your mortgage is paid off, as long as it’s your principle residence you don’t have to pay any capital gains when you sell it.
Nobody wants to purchase a home at the peak of the housing market. One of the best ways to see price appreciation in the years to come is to purchase in an up-and-coming neighborhood. There are many highly sought-after neighborhoods in the Shore-area. It may cost you an arm and a leg to purchase in those communities today, but there was a time when they were a lot more affordable – the key comes down to timing. Here are some of the signs of a neighborhood on the rise, so you can purchase today before it becomes out of reach for you.
There’s only so much space to build in the big city. Today it’s become more and more common for homeowners to undertake major renovations. For homeowners who have built up substantial equity in their homes, by tapping into the equity you can renovate your way to riches. If many homeowners are topping up their homes and building new homes, it’s usually a good sign the community is on the way up.
One of the keys to a livable city is transportation. If the roads are jam-packed, chances are nobody will want to live there. Improvements to roads and transportation systems are two of the key ingredients that can help a neighborhood explode in popularity.
Who wants to live in a neighborhood with a lack of amenities? If you have to drive two miles to the closest grocery story, it could hurt the value of your community. As industrial properties are transformed into trendy boutiques and big box stores, it can help your neighborhood make it big overnight. And while it may sound silly, if you find there is a Starbucks on every other block, it’s a good sign the neighborhood is on its way up.
If you aren’t reading the local community newspaper, you should start reading it today. It’s a great way to keep on the latest happenings in your community. While it’s nice to live in a community, wouldn’t it be nice to be able to work there, too? A telltale sign a neighborhood is moving up is a major employer setting up shop. Whether it’s Microsoft, Coca-Cola, or Bombardier, if there are jobs, people will come.
Opening a community college or university can have a similar effect to a major employer opening offices. Not only are students a great source of rental income for homeowners, the university will provide well-paying jobs to faculty members. Professors will need a place to live – what better place than your neighborhood nearby?
The experts of Patrick Parker Realty not only work in the local area, but we live here. We know the areas that are up and coming and we take great time to learn what’s important to you when choosing the right neighborhood for you and your family. Contact Us today.