One of the best ways to stretch your dollar is to find a neighborhood that is in transition and likely on the rise. These are typically called fringe or transitional neighborhoods. You can get a great deal if you are willing to purchase a home in an up and coming neighborhood. Discovering a neighborhood like this can be rather tricky, but being patient and persistent can lead to a great return.
While finding a neighborhood that’s hot is great, finding one that’s getting even hotter is the ultimate prize.
Look for Popular Commercial Projects
Wake up and smell the coffee! Is there a Starbucks in the area? Maybe a Chipotle? Or even a Whole Foods? Chances are it’s time to buy a house in that town because it’s a sign that the neighborhood is up and coming. These brands spend a lot of time and money analyzing neighborhoods before they start building. They choose to build their stores in places where neighborhood values are going to soar. It is a smart business plan because once the area erupts, the foundation that these projects are built on will be nearly double the price they bought it for.
Mass Transit Expansion
Public transportation is an important factor when looking for neighborhoods on the rise. A surefire clue to the next hot neighborhood is a mass transit expansion. If a major city is building a brand new metro stop in a run down area, the chances of that area staying run-down for long are slim. It’s a great idea to look into these areas because homebuyers look for property which is relatively close to mass transit. If you find an area early enough, it’s best to buy. By purchasing, you will now own a piece of property, this is guaranteed to climb in value.
Renovations Are Being Made
Construction activity is a good indication that a town/city is about to boom. It does not matter if the ongoing construction is being built for retail, condominiums or residential homes.
When looking to invest within a particular neighborhood, renovation growth indicators could be things such as: manicured and landscaped lawns, fresh exteriors and an overall polished look to a property. Even taking a look at fixtures such as new mailboxes or even new fences can indicate the homeowner’s heavy investment in their property; others in the area will probably follow suit.
Decline in Crime
A decline in crime is another great indicator that a neighborhood is on the rise. It’s also a clue that there are more improvements to come. With a little bit of research you can analyze crime statistics, by doing so you can find out which areas are improving.
If a neighborhood is experiencing a decline in crime, you can assume that city officials and local residents are making a concerted effort to improve the quality of life there.
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