Hi, I'm thinking of buying a place and wondering how I can tell if a neighborhood is up and coming. I'm hoping to get the most out of my home purchase by buying a place that will appreciate relatively quicker than other areas.
Asked By Gabriel R | Chicago, IL | 443 views | Buying | 1 year ago
Areas that are expanding their infrastructure such new home communities, commercial development, schools, shopping are key signs. You can always check the zoning department in the town you are inquiring about the current expansion plans for the area,
THIS IS THE CRYSTAL BALL QUESTION! ;) So it all depends on the area...... I would 1st recommend having this conversation with a REALTOR that knows the general area you are looking to purchase and get their perspective. Some of this depends on the price points and what you are willing to do to the home.... are you going to gutt it and reno it for a quick sale or are you looking at holding it for a long-term tune around? There might be some indicators to what for such as other development around an area affecting the home values.... Is there a surge of hiring happening from the growth of a large business in an area? are other homes in this area being "flipped" So look for indicators and get a professional opinion to help with your specific real estate goal!
If you see a lot of new construction in the area that can be a great sign that growth is coming. Redoing the streets, adding sidewalks, etc are all good signs as well.
To determine if an area is up and coming, there are a few key indicators to look for. Firstly, research the population growth trends over the past few years. If the area has seen an increase in population, that can indicate demand from potential homeowners or renters. Secondly, check if there are any new construction projects underway in the area. This could signal that more people are interested in moving to the area and businesses are investing in the local economy. Lastly, look at local amenities and community resources such as schools, parks, shops and restaurants. If these services have improved or been added recently it could be a sign of a growing interest in the neighborhood.
Hello Gabriel, there are so many factors that work into this question but here is a short answer. All real estate is "location" specific and the value is definitely driven by factors such as schools, demographics and other things. Get the help of a true real estate professional. We have our "ear to the ground" and our eyes are always on the market. I know of what areas are appreciating and those that are not in my area. I do suggest working with someone who has some longevity in the profession. We have seen trends and normally can predict them as well.
The most important is to look into areas that money is being spent in. Realtors should know if there is a huge stadium or mall opening up in the area which both takes up real estate and boosts the neighborhood up. For example, in our area The los Angeles clippers are building a stadium and the rams have built one already. Prices in Inglewood which is the city it was built have skyrocketed and will continue to skyrocket because there is new development
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