Signs of an Up and Coming Neighborhood
Not sure if the neighborhood you have your eye on is going to develop into the prosperous area you are hoping for? Compare it to these signs of an up and coming neighborhood to see if it’s on track to be the next hot neighborhood.
Expanding homes –Are new housing communities cropping up everywhere you look? This a great sign indicating that the area is being dubbed the next hot spot. Are builders staking their claim on open land and developing new homes? Are shopping areas popping up nearby? Not only can this increase the value of your home as the area continues to grow, but now could be a good time to get in before the prices really skyrocket!
Businesses – Are new businesses moving into the area? Often times, businesses are looking ahead to see which areas could become popular. They purchase or lease offices in that area to stake their hold.
Crime decrease – Crime is being taken care of or a new area is ensuring the appropriate precautions are in place to prevent crime from entering. This points to a community that is focused on growing in the right ways and getting people into the area.
Shopping – Take a look at the local shops and grocery stores. Are they selling generic items or are they taking care to offer the best of the best (within reason). If you can still find quality items, a well-established downtown area, and a clear reason why people are drawn to the area, this could mean the development of the community is important to the town.
History – This part is two-fold. Is the history of the town well established and are the locals proud of it? Often times, a town with a history attracts others. In the other sense of the word, check out the growth of the community in the past five years. The past decade. Despite economic and financial fluctuations, an up and coming neighborhood most likely has very clear signs that the town has been growing and will continue to do so in the near future.
There are a lot of factors to take into consideration when buying a property in a potentially up and coming neighborhood. Do your research thoroughly, talk to locals if you can, and get the most information as possible before jumping in. Purchasing a home in an up and coming neighborhood could be an incredible financial investment if done properly.