Looking to Invest or Live in an up and Coming Neighborhood?: 5 Clues to Finding Them
Making a home purchase in a neighborhood that is sure to boom in the coming years can be a great real estate investment, but guessing on the next trendy locale may seem fraught with risk. If you’re trying to determine which area will be up and coming down the road, here are some telltale signs that buying may be a benefit to your bank account.
Full Of Creative Energy
Many bohemian areas are popular because of their lower rental and purchase prices, but a locale with plenty of artists and cultural vibrancy is probably going to be on the upswing soon with the interest it will attract. While an investment may be economical in the short-term, it may see a significant spike in the years to come.
Community Restoration In Progress
There’s a good sign, whether it’s parkland or buildings, that if restorations and renovations are occurring in a community, it’s going to see an increase in purchasing prices soon. With a nicer area and better amenities, it won’t take long for people to flock to a revived area.
Close Proximity To Cool Locales
When development of one neighborhood has left little room for further changes, there’s a good chance that prospects will move into surrounding communities to capitalize on the popularity of the area. If you’re considering a neighborhood that’s close to somewhere trendy, it’s almost a sure thing it will see its star rise.
College Kids And Young Professionals?
Restaurants and bars tend to pop up in areas where students and young professionals abound, and as the area becomes more popular it will likely see a spike in its real estate value. With the establishment of many cool places, you can bet that an area full of young people will become the place to be.
There are few people that will be more informed about upcoming building projects in their city than a realtor, so you may want to check in with one to determine the economic viability of an area you’re considering. I have been working in the up and coming areas of Memphis as a realtor for 20 years. I have seen the rise of Cooper-Young, VECA, South Main, Uptown and other neighborhoods, and I always keep current on new projects that will impact property values and quality of life – the Crosstown area for example.
From young people to community restorations, there are many telltale signs of a community that is likely to see a real estate boom in the coming years. If you’re looking to purchase in a new neighborhood and are curious about your options, give me a call – I will be glad to give you my opinion.
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Nash Rich says
I thought these were some really good things to keep in mind when looking for up and coming neighborhood. I can already think of areas by where I live where things are changing and improving, especially renovations. It seems like that’s happening a lot where I live. This was really helpful, I’ll keep this in mind when I can invest. Thanks!