5 Easy Tips for Spotting Up-and-Coming Neighbourhoods
Finding the right location is always a toss up between buying within budget, while still purchasing property that’ll appreciate in value over time.
It’s a fine line, but these five top tips will help you spot an up-and-coming neighbourhood before its prices skyrocket. Keep these in mind before you buy!
1. Location, Location, Location
The old adage stays true to the essence of real estate. Dont buy facing rail road tracks, garbage dumps, highways or power lines. These will always deter buyers. Buy close to parks, locations with great views, safe neighbourhoods, public transit and restaurants and other conveniences. Buyers buy homes not houses, and a home takes into account the neighbourhood and lifestyle!
2. Don’t Buy the Most Expensive Home on the Block
The most expensive house will have the smallest target market and your neighbours will be pulling down your growth potential. Especially in these times of multiple offers, the mid range or the low end have the most room to move and will get the most attention to be bid up on the sale!
3. Buy Good Bones with Potential for Upgrades
Homes that have great layouts or lots, but poorly kept gardens and outdated kitchens and baths are huge potential for value and appreciation. The purchase prices and competition will be lower because of it, but as long as you are open to a little planning and renovations, you can get great gains by doing low cost, cosmetic work. You also get the unquantifiable gains of enjoying your uniquely designed and personalized place! Be sure to not to personalize too much on larger ticket items (no purple counters or pink kitchens cabinets) as the items should be upgraded, but also be neutral to entice a larger audience when selling.
4. Invest Where Local Businesses and Government are Investing
New transit lines? New hot boutiques and restaurants popping up? Revitalization of parks or community centers? Commercial complex being built near by? This is most likely a trending neighbourhood and a good place to get in fast.
5. Source Out Good Schools
Kids are often the most important factor in all family decisions. Parents seek out and fight to get into neighbourhoods with good schools. Higher demand = higher appreciation. Good schools are also great due to parental support and involvement. Good schools = proactive neighbours = nice neighbourhood and family orientated neighbours.
Article by: Gavin Chen